US to Become Major Hub for Electric Vehicle Batteries

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The companies did not disclose where or when the new plant will open. It will have an initial production capacity of 34-gigawatt hours. The two companies have already partnered on a plant in Kokomo, Indiana. That factory, slated to open in 2025, will be able to make enough batteries for up to 500,000 electric vehicles annually.

Dutch automaker Stellantis (STLAM.MI), which owns the Peugeot, Citroen, and Opel brands, also has a separate deal with LG Energy Solution on a battery plant in Windsor, Ontario, Canada, that is scheduled to start production this year. EV battery plants are becoming increasingly popular among automakers to meet their goals for lowering carbon emissions from their vehicle fleets. However, they have come under increasing scrutiny due to issues like worker protection and wages. The joint ventures, often built with public money and operated by private companies, have prompted protests from the United Auto Workers union.

Samsung SDI said the new partnership will accelerate its market penetration in North America and help it meet customers’ needs. It added that it would invest at least $2.5 billion in the project, which could grow to as much as $3.1 billion.

The new plant will be part of the existing StarPlus Energy joint venture, the companies said in a statement. The transaction still needs to be finalized, and where the site will be located and how many people it will employ will be announced later.

Samsung said it would build the second plant to boost its annual EV battery production capacity to 67 GWh, up from a current total of 33 GWh. The company will spend 4 trillion won ($3.1 billion) on the facility and expects to start production in 2027.

The announcement on the second US plant follows a commitment made in May by both companies to build two large battery factories in the United States. The first was to be built in Kokomo, Indiana. The second, targeted for early 2027, will have an initial production capacity of 34 GWh.

Stellantis CEO Carlos Tavares said in a statement that the company was committed to its “aggressive” EV transition goals and needed the support of the industry to do so. He also said the new plants would boost the company’s production capabilities and lead to faster growth. The company aims to have 100 percent sales of electric passenger cars in Europe and 50 percent in the United States by 2030. The company expects to sell a million vehicles by 2025. That will include the models currently sold in those markets and some that have yet to be launched. The company also plans to build up to seven plants in China over the next few years. It will have a total of 13 factories worldwide by 2025. It will have 11 sites in Europe and the US eight. It will also have a plant in Brazil.

Farida Melville

Farida Melville is a seasoned journalist with a passion for uncovering stories that matter. With over 10+ of experience in the industry, they have covered a wide range of topics including politics, business, entertainment, and more. Their writing has been featured in several prominent publications and they have won numerous awards for their work. At London Times Now, Farida Melville brings their expertise to bear on the latest news and trends coming out of London and beyond.

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