Stellantis and Samsung have partnered in a joint venture to build a new battery factory in Kokomo, Indiana. Announced on Tuesday, the plant aims for Stellantis to meet its ambitious electrification targets through 2030.
The new plant is expected to start production by 2025, creating 1,400 new jobs. Construction is expected to begin later this year. Initially, the new facility will have an annual production capacity of 23 gigawatt hours of batteries, with the longer-term goal of expanding the plant’s output to 33 gigawatt hours over time. The increase in production would take place along with an expected building in demand in the coming years.
The partnership is between Stellantis and Samsung SDI, the latter being a subsidiary of Samsung focused specifically on batteries and forced garage solutions. The joint venture will invest $2. 5 billion in the structure and installation of the plant, which could be successful by $3. 1 billion project Batteries produced through the Kokomo plant will be used to force Stellantis’ North American vehicle meeting plants for use in a variety of models.
Speaking about the project, Stellantis CEO Carlos Tavares notes that the plant is key to the company’s future plans. He said, adding that the new plant “demonstrates Stellantis’ drive for a carbon-free future. “
Similarly, Yoon-Ho Choi, CEO of Samsung SDI, spoke about the cost of the allocation for the South Korean company. “We express our appreciation to Indiana State officials and Stellantis for supporting the latest variety from the plant site in Indiana. “Choi said, noting that “we have secured a solid foundation in a developing electric vehicle market in North America through venture collaboration with Stellantis. “
The plant will be a key component of Stellantis’ efforts to achieve the goals set out in its Dare Forward 2030 strategic plan. The company expects to achieve annual global sales of five million battery electric cars by 2030, while achieving a one hundred percent electric vehicle mix in the European passenger car market. In North America, the company expects 50% of its passenger car and light truck sales to be battery electric cars. hours of capacity you want in achieving these purposes.
Expect plenty of announcements in the coming years as Stellantis and other automakers rush to locate the batteries needed to force the next electric vehicle revolution. it has just run out of a few cells in the future.
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