Stellantis and Samsung SDI to Form Joint Venture for Lithium-Ion
Battery Production in North America
Will be one of multiple battery plants dedicated to Stellantis electric vehicle production in region
New battery plant to have an initial annual production capacity of 23 gigawatt hours, ability to increase up to 40 gigawatt hours
Plant targeted to start in 2025
AMSTERDAM, October 22, 2021 - Stellantis N.V.(NYSE / MTA / Euronext Paris: STLA) and Samsung SDI today announced that their companies have entered into a memorandum of understanding to form a joint venture to produce battery cells and modules for North America. Targeted to start in 2025, the plant aims to have an initial annual production capacity of 23 gigawatt hours, with the ability to increase up to 40 gigawatt hours in the future.
"With the forthcoming battery plants coming online, we will be well positioned to compete and ultimately win in the North American electric vehicle market," said Carlos Tavares, CEO of Stellantis. "Our strategyto work with highly recognized partners boosts the speed and agility needed to design and build safe, affordable and sustainable vehicles that match exactly what our customers demand. I am thankful to all the teams working on this critical investment in our collective future."
"It is an honor for us to build a battery joint venture with Stellantis who is accelerating its electrification strategy in this green energy era," said Young-hyun Jun, President and CEO of Samsung SDI. "With this battery joint venture, we will do our best to meet the high standards of our customers in the North American EV market leveraging Samsung SDI's battery technology, high quality products and safety measures."
Stellantis is now well advanced in the process of securing annual production capacity for electric vehicle batteries, paving the way to achieving 40% of its sales in the U.S. comprised of electrified vehicles by 2030.
The battery plants will fulfill the needs of Stellantis assembly plants throughout the US, Canada, and Mexico for installation in next-generation electric vehicles ranging from plug-in hybrids to full battery electric vehicles that will be sold under the Stellantis family of brands.
Stellantis plans to invest more than €30 billion through 2025 in electrification and software development, while targeting to continue to be 30 percent more efficient than the industry with respect to total Capex and R&D spend versus revenues.
The location of the new facility is currently under review and further details will be shared at a later date.
The transaction is subject to agreement on definitive documentation and customary closing conditions, including regulatory approvals.
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Stellantis is one of the world's leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions. In addition to the Group's rich heritage and broad geographic presence, its greatest strengths lie in its sustainable performance, depth of experience and the wide-ranging talents of employees working around the globe. Stellantis leverages its broad and iconic brand portfolio, which was founded by visionaries who infused the marques with passion and a competitive spirit that speaks to employees and customers alike. Stellantis aspires to become the greatest, not the biggest while creating added value for all stakeholders as well as the communities in which it operates.
About Samsung SDI
Samsung SDI is a manufacturer of rechargeable batteries for the IT industry, automobiles, and energy storage systems (ESS), as well as cutting-edge materials used to produce semiconductors and displays. Our executive managers and staff members focus efforts to develop the next generation's growth drivers in order to secure Samsung SDI's place as a creative leader in the energy and cutting-edge materials industry.
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Stellantis NV published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 08:23:12 UTC.