Indiana to get another EV battery factory under $3.2B Stellantis, Samsung SDI deal
Oct. 11 (UPI) -- Stellantis and Samsung SDI on Wednesday announced a $3.2 billion joint venture to co-locate a new EV battery plant with a Kokomo, Ind., giga-factory currently under construction.
The companies said the second plant is scheduled to start production in early 2027 and will create 1,400 new jobs. The battery factory already under construction is expected to begin production in the first quarter of 2025.
Total investment in the two battery factories combined will be more than $6.3 billion and create 2,800 total new jobs, company officials said.
"Our battery ecosystem is the foundation of our electrification strategy and our great partners Samsung SDI, the state of Indiana, and the City of Kokomo have created a compelling case for locating our sixth giga-factory in Kokomo," said Mark Stewart, Stellantis COO North America, in a statement.
Stewart added that the Stellantis North America EV brands play an important role in the company's efforts to offer clean, safe and affordable mobility while also working toward reaching carbon net zero by 2038.
"Through construction of the second battery plant of StarPlus Energy, Samsung SDI will be establishing its largest production base for electric vehicle batteries in North America," said Samsung SDI President and CEO Yoon-ho Choi in a statement. "We expect Stellantis brand vehicles powered by Samsung SDI batteries featuring supreme technologies to contribute to accelerating the U.S. transition to an era of electric vehicles."
Indiana Gov. Eric Holcomb praised the news in a statement.
"Today's commitment from Stellantis and Samsung SDI will double the capital investment, the new jobs created, and the impact this joint venture will have on Kokomo and the state of Indiana for decades to come," Holcomb said.
Kokomo Mayor Tyler Moore lauded the local effect.
"The addition of this second battery plant will solidify Kokomo as one of the largest electric vehicle battery producers in North America and shows that Kokomo continues to remain on the cutting edge of advanced automotive manufacturing," Moore said.
The UAW strike against Stellantis continues and there was no immediate comment from the UAW regarding the company's EV battery factory plans.
Five days ago UAW President Shawn Fain announced what he called a major breakthrough in labor negotiations with GM agreeing to put its EV battery workers under the national UAW contract.
The union has been seeking a just EV transition for autoworkers, pushing for the Detroit Three automakers to agree to UAW representation of EV workers as the industry transitions from internal combustion engines to electric vehicles.
Current autoworker jobs are expected to be lost as the industry fully transitions to EV's since electric vehicles require fewer workers to build them.
