Stellantis, Samsung SDI to Invest More than $3.2 Billon in New Indiana Battery Plant
By Mauro Orru
A joint venture of Stellantis and Samsung SDI plans to invest more than $3.2 billion in a new battery manufacturing facility in Kokomo, Indiana, in what will become the Jeep maker's sixth battery facility globally.
Stellantis, formed by the combination of Fiat Chrysler and Peugeot maker PSA Group, said Wednesday that the new StarPlus Energy plant would begin production in early 2027 with an annual capacity of 34 gigawatt hours. The plant will create 1,400 new jobs.
Earlier this year, Stellantis said it would invest $155 million in three Indiana plants to produce new electric drive modules, part of the auto maker's plans to have half of its U.S. sales comprising fully electric cars by the end of the decade.
Global electric-vehicle sales achieved around 10% market share industrywide for the first time last year, driven mainly by strong growth in China and Europe.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
October 11, 2023 06:38 ET (10:38 GMT)
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