Stellantis N.V. and Samsung SDI have entered into a memorandum of understanding to form a joint venture to produce battery cells and modules for North America. Targeted to start in 2025, the plant aims to have an initial annual production capacity of 23 gigawatt hours, with the ability to increase up to 40 gigawatt hours in the future.
The location of the new facility is currently under review and further details will be shared at a later date.
Earlier this week, Stellantis and LG Energy Solution entered into a memorandum of understanding to form a joint venture to produce battery cells and modules for North America in a projected 40 GWh plant due to come online by the first quarter of 2024. (Earlier post.)
Stellantis said it is now well advanced in the process of securing annual production capacity for electric vehicle batteries, paving the way to achieving 40% of its sales in the US comprising electrified vehicles by 2030.
The battery plants will fulfill the needs of Stellantis assembly plants throughout the US, Canada, and Mexico for installation in next-generation electric vehicles ranging from plug-in hybrids to full battery electric vehicles that will be sold under the Stellantis family of brands.
Stellantis plans to invest more than €30 billion through 2025 in electrification and software development, while targeting to continue to be 30 percent more efficient than the industry with respect to total Capex and R&D spend versus revenues.
The transaction is subject to agreement on definitive documentation and customary closing conditions, including regulatory approvals.