South Korean battery maker Samsung SDI said on Wednesday it is investing $1.29 billion in an electric vehicle battery plant to be built in the Indiana state in the US under a joint venture with Stellantis NV.
Samsung SDI will own a 51 per cent stake in the $2.5 billion joint venture company set up with the Chrysler parent, and its investment could increase to as much as $1.57 billion in the long term, it said in a regulatory filing.
Samsung SDI and Stellantis may boost their investment in the project to as much as $3.1 billion, the South Korean company said, reports Yonhap news agency.
The two companies signed a binding agreement in Kokomo, Indiana, on Tuesday (U.S. time) to establish the manufacturing facility in the Midwestern state by 2025, Samsung SDI said in a statement.
