- Stellantis NV (NYSE: STLA) and Samsung (LON:0593xq) SDI have signed a binding, definitive agreement to establish an electric-vehicle battery manufacturing facility in Kokomo, Indiana.
- The joint venture will invest more than $2.5 billion (€2.3 billion) and create 1,400 new jobs in Kokomo and the surrounding areas.
- The investment could gradually increase up to $3.1 billion (€2.9 billion).
- Also Read: Stellantis CEO Thinks Electric Shift Depends On Smooth Supply Chain Operations: Bloomberg
- The new facility will supply battery modules for a range of vehicles produced at Stellantis' North America assembly plants.
- Slated to open 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.
- "Today's announcement further solidifies our global battery production footprint and demonstrates Stellantis' drive toward a decarbonized future as outlined in Dare Forward 2030," said Stellantis CEO Carlos Tavares.
- Price Action: STLA shares are trading lower by 2.30% at $14.18 on the last check Tuesday.
- Photo Via Wikimedia Commons
Read at Benzinga