Stellantis, Samsung SDI Announce Kokomo, Indiana as Site for Second US StarPlus Energy Gigafactory, To Invest Over $3.2B
Portfolio Pulse from Benzinga Newsdesk
Stellantis N.V. and Samsung SDI have announced Kokomo, Indiana as the site for a second battery manufacturing facility in the US as part of the StarPlus Energy joint venture. The new plant is expected to start production in 2027 with an annual capacity of 34 GWh. The joint venture will invest over $3.2 billion and create 1,400 new jobs. The total investment for both facilities will be over $6.3 billion, creating 2,800 total new jobs.
October 11, 2023 | 10:05 am
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Stellantis's joint venture with Samsung SDI for a second StarPlus Energy gigafactory in Kokomo, Indiana, represents a significant investment in battery manufacturing. This could strengthen Stellantis's position in the electric vehicle market.
The significant investment in a second battery manufacturing facility indicates Stellantis's commitment to expanding its electric vehicle capabilities. This could potentially lead to increased market share and revenues in the future, positively impacting the stock price.
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