Stellantis, Samsung SDI Make Deal for Second US Battery Factory
By David Sachs
Stellantis said Monday that it has a deal with Samsung SDI to build a second battery factory in the U.S. for an undisclosed sum.
The Netherlands-based car maker whose brands include Jeep and Dodge said it has a memorandum of understanding with the South Korean battery manufacturer to build the plant to fuel its transition to fully electric vehicles.
Stellantis said the factory is scheduled to start manufacturing in early 2027 and will have an initial annual production capacity of 34 gigawatt hours.
The electric-vehicle battery plant, known as a "gigafactory," is the second such partnership between the two companies. Stellantis and Samsung SDI are currently building a gigafactory in Kokomo, Indiana, with a production launch date expected in early 2025, the car maker said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
July 24, 2023 01:40 ET (05:40 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
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 and a 56% Rally In 2024, Is Arm Stock a Buy, a Sell, or Fairly Valued?
-
How Morningstar Rates Stocks
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?
-
Home Depot Earnings: Macro Factors Pinch Demand, but Long-Term Outlook Intact
-
Tariffs On Chinese EVs Offer US Automakers a Chance to Capture Demand
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?