Stellantis and Samsung SDI’s $3.2 Billion Investment

Stellantis and Samsung SDI’s $3.2 Billion Investment

Stellantis N.V. and Samsung SDI have revealed their ambitious intentions to establish a second battery manufacturing facility in the United States. Stellantis and Samsung SDI chose Kokomo, Indiana for the groundbreaking EV project. StarPlus Energy joint venture plans to commence production at this new facility in early 2027, boasting an impressive annual capacity of 34 gigawatt hours (GWh). The joint venture will invest $3.2 billion (€2.8 billion) to bring this vision to life, generating 1,400 new jobs in Kokomo and nearby areas. Furthermore, these employment opportunities will significantly benefit the local economy, fostering growth and innovation.

This comes as construction is underway for the first StarPlus Energy gigafactory in Kokomo, scheduled for operation by Q1 2025. Moreover, this facility will have an annual production capacity of 33 GWh.

Mark Stewart, Stellantis COO North America, emphasized the company’s unwavering commitment to its electrification strategy, saying,

“Our battery ecosystem is the cornerstone of our electrification plan. The electric vehicles that will be produced for our North American brands play a pivotal role in our mission to provide clean, safe, and affordable mobility for all while striving to attain our ambitious target of achieving carbon neutrality by 2038.”

Indiana Governor Eric Holcomb shared his thoughts on the announcement,

“Indiana’s economy is on a roll. Today’s commitment from Stellantis and Samsung SDI will double the capital investment, the new jobs created, and the impact this joint venture will have on Kokomo and the state of Indiana for decades to come. This decision puts Hoosiers squarely at the center of innovating and developing the future of mobility, catalyzing Indiana’s leadership position in tomorrow’s global economy.”

Both facilities will receive over $6.3 billion (€5.5 billion) in total investment, leading to 2,800 new jobs in the region. This represents a significant stride in Stellantis’s Dare Forward 2030 strategic plan. It aims to achieve a 100% passenger car battery electric vehicle (BEV) sales mix in Europe by 2030. In the US, the goal is a 50% passenger car and light-duty truck BEV sales mix by the same year. Moreover, with a goal of achieving carbon neutrality by 2038, Stellantis is committed to leading the way in sustainable mobility.

Furthermore, the addition of this second battery plant cements Kokomo’s status as a prominent electric vehicle battery producer. It remains a hub for advanced automotive manufacturing, supporting global efforts to combat climate change through transportation electrification. As we look ahead, Stellantis and Samsung SDI continue to drive EV innovation and sustainability.

About The Author

Amna Waseem

Hello, I'm Amna. I'm thrilled to have you here and share the latest advancements, trends, and insights in the ever-evolving world of technology. I believe that technology has the potential to reshape our future in profound ways, and by staying informed and adapting to these changes, we can embrace the opportunities they present. So, join me on this exciting journey as we explore the frontiers of technology together.

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