Stellantis, Samsung SDI To Build EV Battery Manufacturing Facility - Read More For Details - Stellantis (NYSE:STLA)

Stellantis NV STLA and Samsung SDI have signed a binding, definitive agreement to establish an electric-vehicle battery manufacturing facility in Kokomo, Indiana.
The joint venture will invest more than $2.5 billion (€2.3 billion) and create 1,400 new jobs in Kokomo and the surrounding areas.
The investment could gradually increase up to $3.1 billion (€2.9 billion).
Also Read: Stellantis CEO Thinks Electric Shift Depends On Smooth Supply Chain Operations: Bloomberg
The new facility will supply battery modules for a range of vehicles produced at Stellantis' North America assembly plants.
Slated to open in 2025, the plant aims to have an initial annual production capacity of 23 gigawatt-hours (GWh), with an aim to increase to 33 GWh in the next few years.
"Today's announcement further solidifies our global battery production footprint and demonstrates Stellantis' drive toward a decarbonized future as outlined in Dare Forward 2030," said Stellantis CEO Carlos Tavares.
Price Action: STLA shares are trading lower by 2.30% at $14.18 on the last check Tuesday.
Photo Via Wikimedia Commons

Stellantis, Samsung SDI To Build EV Battery Manufacturing Facility - Read More For Details