(Finance) – Stellantis and Samsung SDI have signed binding and definitive agreements for the realization of a electric vehicle battery production plant in Kokomo (Indiana), United States. The plant, which is expected to become operational in 2025, will have an initial annual production capacity of 23 gigawatt hours (GWh), with the aim of increasing to 33 GWh in the following years. There joint venture will invest over $ 2.5 billion (€ 2.3 billion) and will create 1,400 new jobs in Kokomo and surrounding areas. The investment could gradually increase to reach $ 3.1 billion (€ 2.9 billion), a joint note explains.
The plant will supply battery modules for a number of vehicles manufactured at Stellantis’ North American assembly plants. The beginning of the construction activity of the plant is planned for end of this year and production operations will start in the first quarter of 2025.
“A little less than a year ago, with five giant factories between Europe and North America, we are committed to creating a ambitious electrification strategy – he has declared Carlos Tavares, CEO by Stellantis – Today’s announcement further strengthens our worldwide battery manufacturing and demonstrates Stellantis’ commitment to creating that carbon-neutral future already outlined in the Dare Forward 2030 plan. “