* Follows similar deal with battery maker LGES
* JVs to provide up to 80 GWh annual battery capacity
* Stellantis aims for over 40% of U.S. sales from EVs
* Group targets global capacity of 260 GWh by 2030
SEOUL/MILAN, Oct 22 (Reuters) - Stellantis and
South Korea's Samsung SDI Co Ltd have entered a
preliminary agreement on a joint venture to produce electric
vehicle (EV) battery cells and modules in the United States, the
two companies said on Friday.
The tie-up comes less than a week after the world's fourth
largest automaker signed a similar agreement https://www.reuters.com/technology/stellantis-lg-energy-form-battery-production-jv-2021-10-18
with South Korea's LG Energy Solution (LGES), as it rolls out
its 30 billion euro ($35 billion) electrification plan.
Automakers are investing billions of dollars to accelerate a
transition to low-emission mobility and prepare for a
progressive phase-out of internal combustion engines.
Stellantis, which was formed in January via the merger https://www.reuters.com/article/us-stellantis-deal-idUSKBN29L001
of Italian-American automaker Fiat Chrysler and France's PSA,
earlier this year announced it would invest more than 30 billion
euros through 2025 on electrifying its vehicle line-up.
The two battery deals will support its goal to have EVs
account for over 40% of its U.S. sales by 2030, providing an
annual battery production capacity of up to 80 gigawatt hours
(GWh), which could power about 1.2 million electric vehicles.
Martino De Ambroggi, an analyst at broker Equita, said the
joint ventures with Samsung SDI and LSEG Stellantis would
secured the needed capacity to meet the company's U.S.
Stellantis has said it wants to secure more than 130 GWh of
global battery capacity by 2025 and over 260 GWh by 2030.
As part of this plan Stellantis has said it will build three
battery plants in Europe - in Germany, France and Italy - and
two in North America.
The group, whose brands include Peugeot, Fiat, Opel and U.S.
best-sellers Jeep and Ram, also aims to have more than 70% of
its sales in Europe be of low-emission vehicles by 2030.
The Stellantis-Samsung SDI venture aims to start operations
by the first half of 2025 with an initial annual battery
production capacity of 23 GWh, while it could increase to 40 GWh
in the future, the two companies said in a joint statement.
They did not provide any financial details.
The batteries produced at the U.S. joint venture will be
supplied to Stellantis' factories in the United States, Canada
and Mexico. The location of the factory is under review.
Samsung SDI, an affiliate of South Korean tech giant Samsung
Electronics, already has EV battery plants in South
Korea, China and Hungary, which supply customers such as BMW
and Ford Motor.
By 0905 GMT Milan-listed shares in Stellantis were up 0.6%,
broadly in line with Italy's blue-chip index. Samsung
SDI shares closed up nearly 2%.
($1 = 0.8590 euros)
($1 = 1,174.8900 won)
(Reporting by Heekyong Yang in Seoul and Giulio Piovaccari in
Milan; editing by Himani Sarkar and Jason Neely)