Stellantis, Samsung SDI to Invest More Than $3.2 Billon in Indiana EV Battery Plant -- Update

   By Mauro Orru 
 

A joint venture of Stellantis and Samsung SDI plans to invest more than $3.2 billion in a second electric-vehicle battery manufacturing facility in Kokomo, Indiana, in what will become the Jeep maker's sixth battery Facility Globally.

Stellantis, Formed by the combination of Fiat Chrysler and Peugeot maker PSA Group, said Wednesday that the new StarPlus Energy plant would begin production in early 2027 with an annual capacity of 34 gigawatt hours. The plant will create 1,400 new jobs.

Last year, Stellantis and Samsung SDI agreed to invest up to $3.1 billion in their first battery manufacturing facility in Kokomo that is due to start operations by the first quarter of 2025 with an annual production capacity of 33 gigawatt hours.

The latest investment takes the companies' total commitment to more than $6.3 billion for the two Indiana facilities, adding 2,800 new jobs in total.

"The [batter electric vehicles] 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, Stellantis Chief Operating Officer for North America.

Earlier this year, Stellantis said it would invest $155 million in three Indiana plants to produce new electric drive modules, part of the auto maker's plans to have half of its U.S. sales comprising fully electric cars by the end of the decade.

Global electric-vehicle sales achieved around 10% market share industrywide for the first time last year, driven mainly by strong growth in China and Europe.

Write to Mauro Orru at [e-mail]

(END) Dow Jones Newswires

October 11, 2023 07:08 ET (11:08 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.