Stellantis N.V. and Samsung SDI announced that they have executed binding, definitive agreements to establish an electric-vehicle battery manufacturing facility in Kokomo, Indiana. Targeted to start in 2025, the plant aims to have an initial annual production capacity of 23 gigawatt-hours (GWh), with an aim to increase to 33 GWh in the next few years. The total capacity would increase further as demand for Stellantis electric vehicles is expected to rise.
The joint venture company will invest more than US$2.5 billion and the investment could gradually increase up to US$3.1 billion The new facility will supply battery modules for a range of vehicles produced at Stellantis’ North America assembly plants. Plant construction activities are scheduled to begin later this year with production operations planned to launch in the first quarter of 2025.
“Just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America,” said Carlos Tavares, CEO of Stellantis. “Today’s announcement further solidifies our global battery production footprint and demonstrates Stellantis’ drive toward a decarbonized future as outlined in Dare Forward 2030. I am grateful to Governor Holcomb and Secretary Chambers along with Mayor Moore and their teams, as well as to all my colleagues for their support and dedication to bring this operation to Kokomo, a city that holds a rich and long history for our company.”
“We express our gratitude toward officials from the state of Indiana and Stellantis for supporting the final selection of the plant site in Indiana,” said Yoon-Ho Choi, chief executive officer of Samsung SDI. “We have secured a solid foothold in a rapidly growing North America EV market through the joint venture with Stellantis. We will make sincere efforts to bring satisfaction to the market with top-class quality products in the future, and we will contribute toward meeting the climate change target.”
At the Indiana factory, Samsung SDI will be apply its PRiMX technology to produce EV battery cells and modules for the North America market.
As part of the Dare Forward 2030 strategic plan, Stellantis announced plans to have global annual battery-electric vehicle sales of five million vehicles by 2030, reaching 100 per cent of passenger car BEV sales mix in Europe and 50 per cent passenger car and light-duty truck BEV sales mix in North America. Stellantis also increased planned battery capacity by 140 GWh to approximately 400 GWh, to be supported by five battery manufacturing plants together with additional supply contracts. This announcement is part of the long-term electrification strategy to invest US$35 billion through 2025 in electrification and software globally.