Stellantis N.V. and Samsung SDI have announced their signing of binding, definitive agreements to establish an EV battery manufacturing facility in Kokomo, Indiana. Construction is currently scheduled to begin later this year ahead of a planned launch during the first quarter of 2025.
The facility will operate through a joint venture formed between the companies, through which they will invest over $2.5 billion (€2.3 billion) into its development. Both companies advised that this investment could gradually increase up to $3.1 billion (€2.9 billion) in the future. The new facility will supply battery modules for a range of vehicles produced at Stellantis’ North American assembly plants. At the Indiana factory, Samsung SDI confirmed it will utilize technologies from its PRiMX battery brand to help produce battery cells and modules for the North American market.
This announcement is the latest step in Stellantis’ Dare Forward 2030 electrification strategy. In addition to supporting the electrification of the corporation’s vehicle line-up, and its heightened EV sales targets, the plan also seeks to increase its planned battery capacity to 400 GWh by the end of the decade. Representing a 140 GWh increase from its prior target, Stellantis plans to leverage its five existing battery manufacturing plants, alongside additional supply contracts, to achieve this revised goal.