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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The construction will start later this year, with the production operations expected to begin in the first quarter of 2025.<\/p>\n
The plant will supply lithium ion battery cells and modules for electric vehicles produced at Stellantis’ assembly lines in North America.<\/p>\n
It initially aims to have an annual production capacity of 23 gigawatt hours (GWh) and plans to increase to 33 GWh in the coming years.<\/p>\n
Samsung SDI will apply its latest premium technology, launched under the brand name of PRiMX, to produce EV battery cells and modules, it said.<\/p>\n
The two companies agreed in October to form a joint venture to build what would be the first US battery cell plant for the South Korean battery maker.<\/p>\n
Samsung SDI has foreign operations in China, Hungary, Malaysia and Vietnam, and runs a battery pack assembly line in Michigan.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-493542","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/493542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=493542"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/493542\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=493542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=493542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=493542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}