Stellantis and LG Energy Solution have a memorandum of understanding to form a joint venture aimed at producing battery cells and modules for North America.
As part of the joint venture, a new battery manufacturing facility will be established to help Stellantis achieve its goal of having more than 40% of its sales in the U.S. comprise of EVs by 2030. Production is expected to commence in the first quarter of 2024, with the plant aiming for an annual production capacity of 40 GWh.
The batteries produced at the new facility will be supplied to Stellantis assembly plants across Canada, Mexico, and the U.S. for installation in a range of new EVs (from PHEVs to full BEVs) under the Stellantis family of brands.
The partnership dates back to 2014 when LG Energy Solution was selected by Stellantis to supply the lithium-ion battery pack system and controls for the Chrysler Pacifica Hybrid.
The location of the new facility is currently under review and further details will be shared at a later date. The groundbreaking for the facility is expected to take place in the second quarter of 2022.