South Korea’s Samsung SDI Company plans to build an electric vehicle (EV) battery plant in Indiana in a venture with Stellantis, according to local reports.
A formal announcement on their joint venture plan, originally outlined by the two partners last October, was expected to be made this week.
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Stellantis wants to establish a strong deal to secure supplies of batteries to support its future Chrysler electric and hybrid vehicle manufacturing plans in the region and has chosen Indiana as the location for the facility.
The two companies are looking to jointly build a plant with an annual production capacity of 23 gigawatt hours (GWh) when operations begin in the first half of 2025, rising to 40 GWh later on.
Samsung SDI, a company belonging to South Korean electronics giant Samsung Electronics, is the smallest of the three main South Korean EV battery manufacturers, after LG Energy Solution and SK On.
The three companies are investing heavily in the US to establish themselves as major suppliers to the country’s fast-growing EV market with separate ventures with local automakers including Ford and General Motors.
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By GlobalData