A joint venture between Stelantis and Samsung plans to build an electric vehicle battery factory in Indiana that will employ 1,400 workers and become the company’s second such factory in North America.
The venture on Tuesday announced plans to spend more than $2.5 billion on the plant in Kokomo, which will supply electric battery modules for a range of vehicles produced at Stelantis’ North American assembly plants.
Construction of the plant is expected to begin later this year, with the facility expected to open in early 2025 in the city about 60 miles (97 kilometers) north of Indianapolis.
During the announcement at the Ivy Tech Community College in Kokomo, Stelantis North America chief operating officer Mark Stewart said the venture’s investment in the plant could gradually increase to $3.1 billion.
Samsung SDI will use its PRiMX technology at the Kokomo plant to produce electric vehicle battery cells and modules for the North American market, the companies said in a statement.
ALL STARS STLA
Formed last year with the merger of Fiat Chrysler and France’s PSA Peugeot, it said it would build two electric vehicle battery factories in North America. The Kokomo plant will be the second of those plants and the first in the United States.
In March, it announced plans to spend $4.1 billion in a joint venture with Korea’s LG Energy Solutions to build one of the plants in Windsor, Ontario. About 2500 people will get employment in the plant.
Stelantis, the world’s fourth-largest automaker, has announced plans to sell 5 million electric vehicles by 2030, with 50% of North American passenger car sales and light truck sales going completely electric by 2030. Stelantis plans to sell only electric passenger cars in Europe. by 2030.
Stelantis announced in October plans to spend about $230 million to remodel three Kokomo-area factories so they can produce transmission systems that work with both conventional gasoline-powered vehicles and gas-electric hybrid versions. work.
In 2020 it announced plans to spend $400 million to convert its Indiana Transmission Plant II into an engine factory in Kokomo.
Credit: www.marketwatch.com /