Chrysler-parent Stellantis and Samsung SDI plan to jointly build a electric vehicle (EV) battery plant in Indiana, reported Reuters, citing sources.
The JV plant is expected to be built near Stellantis engine, casting and transmission plants in Kokomo, Indiana, added the sources.
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In October, the firms announced that they were inking a memorandum of understanding to form a joint venture for lithium ion battery production.
This move comes as Stellantis plans to ramp up electric vehicle production.
The plant is being targeted to start production in 2025, with an initial annual production capacity of 23 gigawatt hours and with the capability to increase to up to 40 gigawatt hours in the future.
This news comes as Hyundai Motor Group last week entered into an agreement with the US state of Georgia to build its first full electric vehicle and battery manufacturing facility in the US.
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By GlobalDataThe new EV plant and battery manufacturing facility will be built with investment of around $5.54bn.
Construction of the new facility is expected in early 2023, with commencement of commercial production in the first half of 2025 with an annual capacity of 300,000 units.
The battery manufacturing facility will be set up through a strategic partnership, the details of which will be disclosed at a later stage.
This plant will be located on a 2,923-acre site in Bryan County Georgia, with immediate access to I-95 and I-16 highways.
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Image: This move comes as Stellantis plans to ramp up electric vehicle production. Credit: Goran Horvat from Pixabay.
