Samsung SDI and Stellantis signs contract for Li-Ion Battery Plant in US.
The joint venture will invest over $2.5 billion in a Li-ion Battery production plant in Indiana, U.S.
Samsung SDI and Stellantis have partnered to set up an electric vehicle Li-Ion battery manufacturing facility in Kokomo, Indiana, US. Both the companies and the Government of Indiana signed the contract to establish a joint venture for the battery manufacturing plant.
Samsung SDI and Stellantis will invest more than $2.5 billion in this battery production plant. This plant will supply batteries to Stellantis’ North American assembly plants.
With an initial annual production capacity of 23 gigawatt-hours, the plant will start production in the first quarter of 2025. The production capacity will increase further to 33 GWh as the demand for Stellantis electric vehicles rise. Construction of the plant will begin later this year.
Samsung SDI will apply its PRiMX battery technology to produce EV battery cells and modules in this plant. PRiMX is an EV battery brand, and it was first introduced at CES 2022 in Las Vegas.
This announcement is part of Stellantis’ long-term electrification strategy to invest $35 billion through 2025 in electrification and software globally.
Official Statements on Samsung SDI and Stellantis joint venture.
Yoon-Ho Choi, CEO of Samsung SDI, said: We express our gratitude toward officials from the state of Indiana and Stellantis for supporting the final selection of the plant site in Indiana. We have secured a solid foothold in a rapidly growing North American EV market through the joint venture with Stellantis. We will make sincere efforts to bring satisfaction to the market with top-class quality products in the future, and we will contribute toward meeting the climate change target.
Carlos Tavares, CEO of Stellantis, said: Just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America. This announcement further solidifies our global battery production footprint and demonstrates Stellantis’ drive toward a decarbonized future, as outlined in Dare Forward 2030. I am grateful to Governor Holcomb and Secretary Chambers, along with Mayor Moore and their teams, as well as to all my colleagues, for their support and dedication to bringing this operation to Kokomo, a city that holds a rich and long history for our company.
Also Read: The Global EV battery market is expected to grow up to $25B by the end of 2022.