Stellantis N.V. [NYSE: STLA] disclosed that it has inked an MoU with Samsung SDI to establish a joint venture to manufacture battery cells and modules for North America. The plant set a goal to have a yearly manufacturing capacity of 23-gigawatt hours, with the ability to boost more than 40-gigawatt hours in the future.
Stellantis is now well developed in the process of guaranteeing yearly production capacity for electric vehicle batteries. It is opening the way to accomplish 40% of its sales in the U.S. consist of electrified vehicles by 2030. Both the firms have not decided the exact location of the new plant and it is anticipated that the new plant will commence production in 2025.
Furthermore, the battery plants will satisfy the needs of Stellantis assembly plants throughout the US, Canada, and Mexico for installation in next-generation electric vehicles. It is ranging from plug-in hybrids to full battery-electric vehicles that will be traded under the Stellantis family of brands.
Additionally, Stellantis is intending to invest more than €30 billion through 2025 in electrification and software development. It has set the target to become 30% more efficient than the industry with respect to total Capex and R&D spend versus revenues. Samsung SDI believed that this battery JV will fulfill the high standards of its customers in the North American EV market. It will utilize the Samsung SDI’s battery technology, high-quality products, and safety measures.
Moreover, STLA disclosed its strategy to partner with highly reputable partners. It will help the firm to bolster the speed and agility required to design and build secure, inexpensive, and environmental vehicles that are parallel exactly what its customers demand. STLA has thanked the teams working on this crucial investment in its collective future.