Stellantis, Samsung SDI plan new battery plant in Indiana
By Emily Bary
New plant will start production in early 2027
Stellantis NV and Samsung SDI Co Ltd. plan to build a second U.S. battery manufacturing facility, the companies said Wednesday.
The new facility will be in Kokomo, Ind. and will be part of the StarPlus Energy joint venture. Stellantis (STLA) and Samsung SDI (KR:006400) expect that the new plant will start production in early 2027 and have an annual capacity of 34 gigawatt hours. There is another StarPlus Energy gigafactory under construction in Kokomo that's expected to open in the first quarter of 2025.
The joint venture intends to invest more than $3.2 billion in and around Kokomo and create 1,400 jobs.
"Through construction of the second battery plant of StarPlus Energy, Samsung SDI will be establishing its largest production base for electric vehicle batteries in North America," Samsung SDI Chief Executive Yoon-ho Choi said in a release.
Mark Stewart, Stellantis' chief operating officer for North America, added that his company's battery ecosystem was "the foundation of our electrification strategy."
-Emily Bary
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-11-23 0639ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings, Is Coinbase Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy
-
Energy Transfer Earnings: M&A Drives Guidance Increase In Solid Quarter
-
The Best Healthcare Stocks to Buy
-
Going Into Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?