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.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth