Stellantis, Samsung SDI to Build EV Battery Plant in the U.S.
Stellantis, Samsung SDI to Build EV Battery Plant in the U.S.
(Bloomberg) -- Stellantis NV and Korean battery maker Samsung SDI Co. plan to build a factory in the U.S. as the automaker pushes further into electric vehicles.
The two signed a memorandum of understanding to set up a joint venture to construct the new plant, Samsung SDI said in a statement Friday. The facility should have an annual output of around 23 gigawatt hours by the first half of 2025, eventually increasing to around 40 GWh. The location of the plant hasn’t been decided.
Batteries made by the new facility will be installed in various next-generation cars of Stellantis, ranging from pure EVs to plug-in electric hybrids, Samsung said. Stellantis, with brands like Jeep, Peugeot and Ram, has a target of raising U.S. sales of electrified vehicles to 40% of deliveries by end-2030.
The plant will be Samsung SDI’s first in the U.S., adding to ones in South Korea, China and Hungary.
Read more: Stellantis Said Near Deal on U.S. Battery Plant With Samsung SDI
On Monday, Stellantis unveiled a plan to build a 40-GWh factory in North America with LG Energy Solution, a rival of Samsung SDI. LG, the world’s second-largest lithium-ion battery maker, also has a joint venture with General Motors Co.
“We will satisfy our customers in North America’s electric-car market as much as we can, with the quality and the safety of Samsung SDI’s batteries,” Chief Executive Officer Jun Young-hyun said in Friday’s statement. “We’re happy to set up a joint venture with Stellantis, which is accelerating the strategy of electrification amid the eco-friendly trend.”
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