Automaker Stellantis NV (STLA.US) and battery maker LG Energy Solution said today that they have reached an agreement to form a joint venture to produce battery cores and battery components for North America.
It is reported that the new battery plant is expected to break ground in the second quarter of 2022 and hopes to start production in the first quarter of 2024 to achieve the annual production capacity of 40GWh.
Stellantis is the fourth largest automaker in the world jointly established by PSA Group and Fiat Chrysler Group (FCA) in January 2021. It owns 15 car brands, including Chrysler, Peugeot, Citroen, DS, Dodge, Opel, Jeep, RAM and Abbas, Maserati and other well-known brands.
In July this year, Stellantis officially released the latest electrification strategy, which attracted strong attention from the global automotive industry. According to the strategy, Stellantis plans to invest more than 30 billion euros in the electric vehicle product line by 2025. Stellantis also plans to continue to exceed the industry by 30 per cent in terms of total capital expenditure and the comparison of R & D expenditure to income.
CarlosTavares, CEO of Stellantis, said: "We are actively deploying the transition to electric vehicles and have fulfilled the commitments we made at the Electric vehicle Day (EVDay) in July. We have now identified plans for a new battery superplant in Stellantis's electrification portfolio, which will help us achieve our goal of having at least 260GWh battery capacity by 2030. "
