Samsung SDI: will invest 2.66 trillion won in the second US factory joint venture with Stellantis

CTOnews.com, September 27 (Xinhua) in July, Italian carmaker Stellantis and South Korean battery maker Samsung SDI announced the opening of a second joint venture plant in the United States to produce electric vehicle batteries, with the goal of starting production in 2027 with an initial capacity of 34GWh.

Samsung SDI's board of directors decided to invest nearly 2.66 trillion won (CTOnews.com Note: about 14.391 billion yuan) in its second US factory, a joint venture with Stellantis, according to the latest regulatory filings.

"this new plant will help achieve our goal of providing at least 25 new pure electric vehicles for the North American market by 2030," Carlos Tavares, chief executive of Tuyuan PixabayStellantis, said in a statement.

Stellantis announced plans to sell 100 per cent of electric passenger cars in Europe and 50 per cent of electric cars and light trucks in the US by 2030. To achieve this, Stellantis wants to ensure about 400 GWh of battery capacity.

It is understood that Stellantis brands include Peugeot, Gyibug, Dodge Ram, Alfa Romeo, Citroen and Opel.

In May 2022, Stellantis and Samsung SDI said they would invest more than $2.5 billion to build their first joint battery plant, which is expected to open in Cuomo, Indiana, in the first quarter of 2025, with an initial capacity of 23 GWh and eventually 33 GWh.

The Indiana plant will then employ 1400 people and investment could gradually increase to $3.1 billion, the two sides said.