10/22/2021, 10:00 AM (Source: TeleTrader)
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Stellantis, Samsung to make car batteries from 2025

Stellantis N.V. and Samsung SDI announced on Friday the two companies will start jointly producing battery cells and modules for the North American market beginning in 2025.

"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 noted in the release.

The joint venture comes as part of Stellantis' plans to achieve 40% of its new car sales in the United States consisting of electrified vehicles by the end of this decade. To realize these plans, the carmaker intends to invest over €30 billion through 2025 in electrification and software development.

Baha Breaking News (BBN) / ND