Joint venture to build electric-vehicle battery plant in Kokomo,
Indiana, U.S. to support Stellantis’ North America electrification
ambitions outlined in “Dare Forward 2030” strategic plan
Plant targeted to start in 2025 and create 1,400 new jobs
Facility to have an initial annual production capacity of 23 gigawatt hours with an aim to increase up to 33 gigawatt hours
KOKOMO, Indiana, United States – Stellantis N.V. and Samsung SDI
today announced that they have executed binding, definitive agreements
to establish an electric-vehicle battery manufacturing facility in
Kokomo, Indiana, U.S. 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 over $2.5 billion (€2.3
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 American assembly plants. Plant
construction activities are scheduled to begin later this year with
production operations planned to launch in the first quarter of 2025.
“Just under one year ago, we committed to an aggressive
electrification strategy anchored by five gigafactories between Europe
and North America,” said Carlos Tavares, CEO of Stellantis. “Today’s
announcement further solidifies our global battery production footprint
and demonstrates Stellantis’ drive toward a decarbonized future outlined
in Dare Forward 2030. I am grateful to Governor Holcomb and Secretary
Chambers along with Mayor Moore, and their teams as well as to all my
colleagues for their support and dedication to bring this operation to
Kokomo, a city that holds a rich and long history for our company.”
“We express our gratitude towards officials from the State of Indiana
and Stellantis for supporting the final selection of the plant site in
Indiana,” said YOONHO CHOI, chief executive officer of Samsung SDI. “We
have secured a solid foothold in a rapidly growing North American EV
market through the joint venture with Stellantis. We will make sincere
efforts to bring satisfaction to the market with top-class quality
products in the future, and we will contribute towards meeting the
climate change target.”
“It’s another incredibly exciting day to be back in Kokomo
celebrating such a transformational investment from Stellantis and our
new partners at Samsung,” said Gov. Holcomb. “Today’s announcement is
another step toward positioning Indiana as a leader in the future of
mobility, battery technology and clean energy.”
“Our goals for the growth of Indiana’s economy are ambitious,” said
Brad Chambers, secretary of commerce for Indiana Economic Development
Corporation. “This significant venture with Stellantis and Samsung SDI
is squarely in line with our 5E focus on the energy transition and
building an economy of the future. Large-scale investments like this are
a testament to Indiana’s business-friendly climate, its strong
workforce, a growing population and our continued investment in quality
of life. The economic growth and momentum in our state this year is
unprecedented.”
“We would like to thank our partner, Stellantis, for its continued
investment, support, and faith in this community for over 85 years,”
said Tyler Moore, Mayor of Kokomo. “We would also like to thank Samsung
SDI for its confidence in us and look forward to working together for
the decades to come. This multi-billion dollar investment will help
solidify Kokomo as a global leader in automotive manufacturing.”
At the Indiana factory, Samsung SDI will be applying its cutting-edge
technology PRiMX to producing EV battery cells and modules for the
North American market. Samsung has launched its premium battery
technology brand PRiMX as an industry’s first last year and unveiled the
brand at CES 2022 in January.
As part of the Dare Forward 2030 strategic
plan, Stellantis announced plans to have global annual battery electric
vehicle sales of five 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 (€30 billion) through
2025 in electrification and software globally.
The closing is subject to customary closing conditions, including regulatory approvals.
