Electric vehicles have taken off, and companies are not afraid to make huge investments in them. Stellantis and Samsung have decided to site a factory that will manufacture EV batteries in Indiana at the cost of $2.5 billion.
While many people know the Galaxy series of Android phones, Samsung has a subsidiary that makes batteries for electric vehicles, known as Samsung SDI. The subsidiary has teamed up with Stellantis to set up a plant in Kokomo, Indiana, to make EV batteries. The facility will create jobs for 1,400 people directly.
Stellantis is the parent company for carmakers like Dodge, Jeep, Chrysler, etc.
The two companies will split the development cost and are willing to spend up to $3 billion on the factory.
Stellantis already has a presence in Kokomo, where it makes castings, transmissions, and engines.
Earlier, Stellantis had revealed it would build another plant for making EV batteries with LG Energy Solution in Windsor, Ontario, at the cost of $4.1 billion. Both projects are part of Stellantis’ push into the growing EV market.
Stellantis wants to sell 5 million electric cars by 2030 across its brands. It announced a detailed plan last year for making its line-up electric. The Chrysler brand will sell only electric vehicles by 2028.
The Kokoma plant is expected to come online in 2025 and will start with an annual capacity of 23 GWh and expand to 33 GWh. The Windsor facility will kick off with a 45 GWh capacity.
Other automakers investing in EV battery production include General Motors, which plans a 140 GWh annual capacity, and Ford, which will build three plants with a combined capacity of 129 GWh per year. Volkswagen is even more ambitious, which a plan for 240 GWh per year capacity from six plants in Europe by 2020.
Renewable Brief 