Stellantis, Samsung Plan Indiana Electric Car Battery Plant
Stellantis and Samsung are working together to create the electric vehicle battery factory in Indiana. The factory will employ up to 1,400 people and be the company’s second of its kind in North America.
The company said on Tuesday that it will spend and over $2.5 billion on a plant in Kokomo that will make electric battery modules for vehicles made at Stellantis’ North American assembly plants.
The plant will be built in a city about 97 kilometers (60 miles) north of Indianapolis. Work should start on it later this year, and it should open in early 2025. See also Crown Hill Cemetery Holds Memorial Day Ceremony Honoring Fallen Soldiers
Mark Stewart, the ceo of Stellantis North America, told at announcement at Ivy Technical Community College in Kokomo that the company could put up to $3.1 billion into the plant over time.
In a statement, the companies said that Samsung SDI will utilize its PRiMX technology to make electric vehicle battery cells & modules for the North American market its Kokomo plant.
Stellantis, which was made when Fiat Chrysler and PSA Peugeot of France merged last year, said it could build two factories to make batteries for electric cars in North America. The plant in Kokomo would be the 2nd of these, and the first one in the U.S.
In March, it said it would spend $4.1 billion to create one of the plants in Windsor, Ontario, in partnership with LG Energy Solution of Korea. The plant will employ about 2,500 people.
Stellantis, the fourth-largest automaker in the world, says it wants to sell 5 million electric cars by 2030. By that time, 50 percent of its passenger car & light truck sales in North America will be fully electric. By 2030, Stellantis wants to sell only electric cars in Europe.
Stellantis said in October that it would spend almost $230 million to retool three factories in the Kokomo area so that they could make transmission systems which work with both traditional fuel cars and hybrid gas-electric cars.
In 2020, it said that it would spend $400 million to turn the Indiana Transmission Plant II in Kokomo, Indiana, into an engine factory.
Stellantis and Samsung will spend $2.5 billion on a plant in Indiana that will make batteries for electric cars.
The automaker, which owns Jeep & Ram, wants to catch up in the race to make electric cars and trucks around the world.
Stellantis, which owns Jeep and Ram, & Samsung plan to spend $2.5 billion to create a battery factory in Kokomo, Indiana news. This factory is expected to create 1,400 jobs.
The joint venture should start making things by 2025, and it will make power packs for Jeeps, Ram trucks, and other North American vehicles. Stellantis has been much slower than other well-known automakers to come out with electric cars and trucks. This is the second time they have said something like this.
By 2030, the company wants to have sold five million electric cars. It hopes that by the end of the decade, all of its sales in Europe & half of its sales in North America will be electric cars and trucks.
There will be an electric sports car from Dodge, an electric pickup truck from Ram, and an electric SUV from Jeep.
In 2021, Fiat Chrysler & the French car company Peugeot joined forces to make Stellantis. Carlos Tavares, who used to be the CEO of Peugeot, is in charge of it. Last year, Mr. Tavares said that the company would spend 32 billion euros ($30 billion) on electric cars by 2025 in order to catch up to Tesla, which is the biggest maker of electric cars.