Stellantis Fires Up EV Rivalry With Tesla

Stellantis NV STLA, Mercedes-Benz Group AG DMLRY, and TotalEnergies SE TTE joint venture Automotive Cells Company looked to build an EV battery plant in Italy.
The plant would involve an investment of over €7 billion, Reuters reports
The partners aimed to increase its industrial capacity to at least 120-gigawatt hours (GWh) by 2030. ACC looked to produce batteries for over 2.5 million vehicles per year by 2030. Tesla Inc's TSLA Berlin plant aimed for an eventual capacity of 50 GWh.
ACC would convert an existing Stellantis plant in Termoli, in southern Italy, into a battery facility.
Stellantis previously announced battery plants in France and Germany through ACC.
It would increase the production capacity of each of the French and German plants to 40 GWh from the 24 GWh initially planned.
South Korea's LG Energy Solution Ltd looked to invest $1.5 billion to set up a JV with Stellantis in Canada, Reuters reports.
LGES aimed to acquire a stake of $542 million in ES America to tap demand from EV startups in the U.S.
In October, LGES and Stellantis forged an EV battery production JV.
Price Action: STLA shares traded lower by 1.10% at $16.20 in the premarket on the last check Wednesday.