$2.5B Stellantis/Samsung SDI development to bring unprecedented opportunities
On May 24 at Ivy Tech Kokomo, Stellantis N.V. and Samsung SDI announced that they had executed binding, definitive agreements to establish an electric-vehicle battery manufacturing facility in Kokomo. 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 and create 1,400 new jobs in Kokomo and the surrounding areas.
The investment could gradually increase up to $3.1 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.