Reports say Stellantis and Samsung SDI will construct a new battery plant in Indiana through their joint venture
SStellaris and Samsung SDI plan to announce on Tuesday they will build a new battery plant in Indiana as the Chrysler-parent ramps up EV production plans, sources briefed on the matter told Reuters.
The companies October announced they were signing a memorandum of understanding to form a joint venture for lithium-ion battery production in North America and said the plant was targeted to start in 2025 and aimed to have an initial annual production capacity of 23-gigawatt hours, with the ability to increase to up to 40 gigawatt-hours in the future.
The companies did not immediately comment on the reports, but Stellantis said it would provide an update on the future of its Kokomo operations on Tuesday that would include its North American COO Mark Stewart and Indiana Gov. Eric Holcomb.
The JV battery plant is expected to be built near Stellantis engine, casting, and transmission plants in Kokomo, Indiana, the sources said, declining to be named because the announcement is not yet public.
In October, Stellantis said it would invest $229 million in its three Kokomo plants to produce electrified, eight-speed transmissions.
In March, Stellantis and LG Energy Solution said they would invest $4.1 billion in a joint venture lithium-ion battery production plant in Canada that will have an annual production capacity in excess of 45-gigawatt hours. The companies plan to begin operations in 2024.