Stellantis and Samsung SDI to Build New JV Battery Plant in Indiana, Reports Say
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 as the announcement is not yet public. .
In October, Stellantis announced that it would invest $229 million in its three Kokomo factories to produce electrified eight-speed transmissions.
In March, Stellantis and LG Energy Solution announced they would invest $4.1 billion in a joint venture lithium-ion battery production facility in Canada that will have an annual production capacity of more than 45 gigawatt hours. The companies plan to start operations in 2024.
On Friday, President Joe Biden, during a visit to the Samsung Electronics Pyeongtaek campus in South Korea, highlighted the planned investment, saying “Samsung will also work with Stellantis on a joint venture to build a new factory in the United States. United which will manufacture batteries for electric vehicles.
He urged companies to “enter into partnerships” with “US union members” and said joint ventures “that make batteries for electric vehicles would be strengthened by collective bargaining relationships with US unions”.
Biden backed legislation last year that would give union-built electric vehicles an additional $4,500 tax credit, but that stalled in Congress.
Crain’s Detroit Business contributed to this report.