Electric vehicles are the future and several big companies are joining this race. Now, Samsung SDI has joined hands with Amsterdam-headquartered global auto manufacturer Stellantis to start an EV battery factory in North America. These companies are targeting to start production at this factory in 2025. They have set an initial annual production capacity of 23 gigawatt hours. This will be increased up to 40 gigawatt hours in the future. Both the companies are reviewing the location of the new facility. They are expected to announce further details in the future. Stellantis CEO Carlos Tavares said that the move will help them ‘win’ North America from its competitors. Fiat Chrysler and PSA were merged to form Stellantis in January.
“With this partnership, we will be in a strong position to compete and ultimately win in the electric vehicle market in North America,” Tavares said. “It is our strategy to work with highly recognized partners as this gives a much-needed boost to the agility and speed that is required to design and build sustainable, affordable, and safe vehicles. We would like to match the expectations of our customers. I am extremely thankful to all the companies that are part of our team and working on this critical investment.”
It must be noted that Stellantis has already partnered with South Korean battery maker LG Energy Solution to manufacture battery cells. Despite the partnership announced earlier than that announced with Samsung, the LG plant is still searching for the location. However, the deadline for the production of the EV batteries from this plant has been set for the first quarter of 2024. There are several other automakers that have loudly announced that they are making a huge investment in manufacturing EV batteries. Toyota has invested USD 3.4 billion in cash for this purpose. Stellantis has not disclosed the actual amount that it will be investing in the manufacturing of EV batteries.
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