Stellantis and Samsung have agreed to develop an electric car battery manufacturing plant in Kokomo, Indiana. The US facility will open in 2025, and it will have an initial yearly production capacity of 23 gigatonnes (GWh). The goal is to grow capacity to 33 GWh in the following years. If demand for Stellantis electric vehicles increases, total capacity will increase.

The joint venture will invest over $2.5 billion and generate 1,400 new jobs in Kokomo and nearby areas. Investments might eventually amount to $3.1 billion. The new factory will produce battery modules for various cars at Stellantis' North American operations. The plant's construction is set to begin this year, with production starting in the first quarter of 2025.

"We committed over a year ago to an ambitious electrification plan based on five Gigafactories in Europe and North America," Stellantis CEO Carlos Tavares stated. "Today's announcement expands Stellantis' worldwide footprint in battery manufacturing and underscores Stellantis' commitment to a low-carbon future, as defined in our Dare Forward 2030 strategy plan. I want to thank Governor Holcomb and Minister Chambers, Mayor Moore and his staff, and all of my colleagues for their help and effort in delivering this project to Kokomo. Kokomo has a long and deep history with our firm."

"We would like to thank Indiana State Officials and Stellantis for their cooperation in finalizing the site selection," stated Yoon-ho Choi, Chief Executive Officer of Samsung SDI. "We have established a strong footing in North America's fast-growing electric vehicle sector through our joint venture with Stellantis. We will do all possible to continue to provide first-class quality products to the market in the future, and we will assist in accomplishing climate protection goals."

"Another glorious day has arrived. It is nice to be back in Kokomo to honor Stellantis and our new partner Samsung's revolutionary investment, "Governor Holcomb stated. "Today's announcement is another step toward Indiana being a leader in mobility, battery technology, and sustainable energy."

"Our economic development goals for Indiana are high," stated Brad Chambers, Secretary of Commerce for the Indiana Economic Development Corporation. "This significant initiative with Stellantis and Samsung SDI is consistent with our focus on the energy transition and the development of a future economy. Major investments like these demonstrate Indiana's business-friendly environment, excellent workforce, rising population, and ongoing improvements in quality of life. As a result, this year's economic development and momentum in our state are unparalleled."

"We want to thank Stellantis, our long-term partner, for their continuous investment, support, and faith in our city," stated Tyler Moore, Mayor of Kokomo. "We would also want to thank Samsung SDI for their faith in us, and we look forward to working with them for many years to come. This billion-dollar investment will help Kokomo maintain its worldwide leadership in car production."

Samsung SDI will employ its cutting-edge PRiMX technology to manufacture EV battery cells and modules for the North American market at the Indiana factory. As an industry first, Samsung unveiled its premium battery technology brand, PRiMX, last year at CES 2022.

Stellantis claimed at the unveiling of its "Dare Forward 2030" corporate plan that it will grow yearly sales of battery-electric vehicles globally to five million by 2030. In Europe, the automobile BEV sales mix will be 100 percent. In North America, battery-electric cars will account for 50% of passenger and light truck sales. Stellantis also boosted anticipated battery capacity by 140 GWh to roughly 400 GWh, which five Gigafactories and supplemental supply agreements will cover. This statement is part of a long-term electrification strategy that calls for 30 billion euros in electrification and software expenditures worldwide by 2025. @via CNBC.

Category
Country

Similar Articles