5/24, 7:32 PM (Source: TeleTrader)
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Stellantis, Samsung to invest $2.5B in EV battery plant in US

Stellantis N.V. announced on Tuesday in a statement that the company will be opening an electric-vehicle battery plant in Kokomo, Indiana, the United States, in a joint venture with Samsung SDI Co. Ltd, worth $2.5 billion.

"Targeted to start in 2025, the plant aims to have an initial annual production capacity of 23 gigawatt hours (GWh), with an aim to increase to 33 GWh in the next few years. The total capacity would increase further as demand for Stellantis electric vehicles is expected to rise," the statement read.

The manufacturing facility is set to create around 1,400 new jobs in the city of Kokomo, while the investment could further grow to reach $3.1 billion. Stellantis CEO Carlos Tavares said that the announcement testifies to the company's commitment toward "a decarbonized future."

Baha Breaking News (BBN) / AY