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2023.10.13
Samsung SDI, Stellantis to build $4 billion battery plant in Indiana
BY
SARAH CHEA, Korea JoongAng Daily - Samsung SDI’s $4 billion second battery
plant with Stellantis will be located in Indiana, the Korean battery maker said
Wednesday.
The
EV battery plant will be located in Kokomo, Indiana, where the two companies'
first joint factory is situated.
The
two parties announced the investment plan in July but did not name the location
at the time.
The
plant will have 34 gigawatt-hours of production capacity, which is enough to
make around 450,000 EVs per year. The two companies will spend a total of $3.9
billion in the plant, with SDI owning 51 percent.
Production
will begin in early 2027.
The
city of Kokomo is where Samsung SDI has its first battery plant with
Stellantis.
Samsung
SDI and Stellantis set up a joint U.S. venture, StarPlus Energy, last year and
are building a $2.5 billion battery plant in Indiana. The plant is scheduled to
start operations in 2025 with 33 gigawatt-hours of capacity.
With
the latest announcement, the two companies' total capacity will boost to 67
gigawatt-hours of capacity, around 900,000 EVs.
"With
the second factory, Samsung SDI will be able to secure our biggest battery
manufacturing site in the North America," said Samsung SDI CEO Choi
Yoon-ho. "We anticipate Stellantis EVs installed with SDI's super-gap
batteries will advance U.S.'s shift to the EV era."
Samsung
SDI in June also said it will jointly invest at least $3 billion with General
Motors (GM) to build a battery plant in Indiana. The plant in New Carlisle,
Indiana, aims to have an annual production capacity of 30 gigawatt-hours that
could be used to manufacture 300,000 EVs.
Samsung
SDI's production capacity is expected to grow at an annual rate of 30 percent to
reach 230 gigawatt-hours by 2026.
Of
the 230 gigawatt-hours of capacity, 97 will be coming from the North American
region.
American Chamber of Commerce in Korea
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