Stellantis and Samsung SDI to invest >$2.5B in JV for Li-ion battery production plant in Indiana; PRiMX cells; 23 GWh, scaling to 33 GWh
Stellantis N.V. and Samsung SDI have executed binding, definitive agreements to establish an electric-vehicle battery manufacturing facility in Kokomo, Indiana. 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 joint venture company will invest more than $2.5 billion and create 1,400 new jobs in Kokomo and the surrounding areas. The investment could gradually increase up to $3.1 billion (€2.9 billion). The new facility will supply battery modules for a range of vehicles produced at Stellantis’ North America assembly plants. Plant construction activities are scheduled to begin later this year with production operations planned to launch in the first quarter of 2025.
At the Indiana factory, Samsung SDI will be applying its technology PRiMX (earlier post) to produce EV battery cells and modules for the North America market. Last year, Samsung launched its premium battery technology brand PRiMX as an industry first and unveiled the brand at CES 2022 in January.
PRiMX cells use high-capacity and high-power battery technology with Samsung SDI’s latest materials technology including high nickel cathode and silicon anode.
As part of the Dare Forward 2030 strategic plan, Stellantis announced plans to have global annual battery-electric vehicle sales of 5 million vehicles by 2030, reaching 100% of passenger car BEV sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in North America.
Stellantis also increased planned battery capacity by 140 GWh to approximately 400 GWh, to be supported by five battery manufacturing plants together with additional supply contracts. This announcement is part of the long-term electrification strategy to invest $35 billion USD (€30 billion) through 2025 in electrification and software globally.
The closing is subject to customary closing conditions, including regulatory approvals.