Samsung SDI Plans $2B Investment To Build Second Joint Battery Plant In US With Stellantis: Report

One of the leading South Korean battery manufacturers, Samsung SDI Co Ltd, reportedly plans to commit 2.7 trillion won ($2.00 billion) towards establishing a new electric vehicle (EV) battery facility in the U.S. in partnership with Stellantis N.V. STLA.

The investment drive will span from April of next year until November 2027, reported Reuters.

In July, the companies announced the signing of a memorandum of understanding to establish a second battery manufacturing facility in the U.S. under the existing StarPlus Energy joint venture. Targeted to start production in 2027, the plant aims to have an initial annual production capacity of 34 gigawatt-hours (GWh).

Also Read: Tesla CEO Elon Musk Slams Biden For Supporting UAW Demands: 'Sure Way To Drive GM, Ford And Chrysler Bankrupt'

Price Action: STLA shares are tarding lower by 0.98% at $18.66 on the last check Wednesday.

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