Stellantis and Samsung SDI announce battery cell joint venture
Stellantis and Samsung SDI have agreed to create a joint venture to produce electric vehicle battery cells and modules in North America.
The companies claim the plant could be operational in early 2025 with an initial annual output of 25 gigawatt-hours, with the potential to scale up to 40 gigawatt-hours.
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While the location of the plant has yet to be revealed, a statement issued by the venture hinted the battery cells may be shipped to Stellantis factories in the US, Canada and Mexico.
The automaker is hoping to increase its annual production for electric vehicles, with a goal of 40% of all new vehicles sales being EVs by the end of the decade being set.
The cells will be used in the creation of "next-generation" EVs and plug-in hybrids.
“With the forthcoming battery plants coming online, we will be well-positioned to compete and ultimately win in the North American electric vehicle market,” said Carlos Tavares, CEO of Stellantis.
“Our strategy to work with highly recognized partners boosts the speed and agility needed to design and build safe, affordable and sustainable vehicles that match exactly what our customers demand. I am thankful to all the teams working on this critical investment in our collective future", he added.
Stellantis plans to pump at least €30 million into electrification efforts by 2025 alongside software development - likely for investment self-driving cars - as well as efforts to increase efficiency in its current operations.
“It is an honour for us to build a battery joint venture with Stellantis who is accelerating its electrification strategy in this green energy era,” said Young-hyun Jun, President and CEO of Samsung SDI.
“With this battery joint venture, we will do our best to meet the high standards of our customers in the North American EV market leveraging Samsung SDI’s battery technology, high-quality products and safety measures", he added.
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The location of the new plant is currently under review.
No financial details about the venture have been shared publicly.
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