Samsung SDI, a division of the Samsung conglomerate, is a leading supplier of batteries for electric vehicles. Its clients for EV batteries include the likes of Hyundai and Rivian. Last year, the company announced a joint venture with Stellantis to make batteries for electric cars across its various brands.
Stellantis owns some of the world's leading car brands, including but not limited to Maserati, Fiat, Jeep, Dodge, Chrysler, and Citroen. The companies are investing $2.5 billion to build an EV battery plant in Indiana as part of their joint venture.
Both companies to share the $2.5 billion cost
Samsung has significantly increased its investments in the United States. The company recently announced a $17 billion chip-making plant in Texas. It's also laying the groundwork to potentially expand this new chipmaking factory.
Samsung SDI and Stellantis announced today that this EV battery plant will be located in Kokomo, Indiana. It will produce lithium-ion battery modules for a variety of vehicles from brands owned by Stellantis. Construction work on the plant is expected to begin later this year. Production of batteries is scheduled to begin in the first quarter of 2025.
1,400 new jobs will be created in the area as a result of this investment. The $2.5 billion cost to build the plant will be split equally between Samsung SDI and Stellantis. The two companies are actually willing to spend up to $3 billion on the plant so they could expand the scope of the work to create additional value.
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