Stellantis and Samsung to Invest $3.2B in Second U.S. Battery Factory
US-European automaker Stellantis and Samsung said Wednesday they plan to invest $3.2 billion USD in their second battery factory in the United States.
The companies had announced in July that they would construct a second US facility to supply batteries to Stellantis, but did not disclose the amount of the investment or the location.
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Wednesday's statement also included an announcement that the facility would be located in Kokomo in the midwestern state of Indiana, where construction of a first factory is underway.
The companies said the first StarPlus Energy factory is on track to open in the first quarter of 2025 with an annual production capacity of 33 GWh.
The second factory is slated to begin operating in early 2027 with 34 GWh of annual production. Total investment for both factories is expected to reach $6.3 billion.
Stellantis plans for battery electric vehicles (BEV) to account for 100 percent of its passenger car sales in Europe by 2030 and 50 percent of sales in the US passenger car light-duty truck segments.
"The BEVs coming to our North America brands play an important role in our drive to offer clean, safe and affordable mobility for all and achieve the bold goal of carbon net zero by 2038," said Mark Stewart, chief operating officer of Stellantis North America, referring to models like the Jeep Recon and Ram 1500 REV, not to mention the electric Dodge Charger.