- Stellantis NV STLA and Samsung SDI Co Ltd SSDIY agreed to form a joint venture to produce battery cells and modules for North America as planned.
- Targeted to start in 2025, the plant intends to have an initial annual production capacity of 23-gigawatt hours, with the ability to increase up to 40-gigawatt hours in the future. The location of the new facility is currently under review.
- “With the forthcoming battery plants coming online, we will be well-positioned to compete and ultimately win in the North American electric vehicle market,” Stellantis CEO Carlos Tavares said.
- Stellantis plans to invest over €30 billion through 2025 in electrification and software development.
- Price Action: STLA shares closed higher by 0.46% at $19.67 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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