Powering Up America's Heartland: Kokomo Chosen For Stellantis-Samsung SDI's Second US StarPlus Energy Gigafactory
Portfolio Pulse from Lekha Gupta
Stellantis N.V. (NYSE: STLA) and Samsung SDI have announced Kokomo, Indiana, as the second site for their electric vehicle battery manufacturing facility in the U.S. The companies will invest over $3.2 billion in the new facility, which will be co-located with a gigafactory currently under construction. The second facility is expected to start production in early 2027, with an annual capacity of 34 gigawatt hours. The total investment for both facilities is expected to be more than $6.3 billion, creating about 2,800 new jobs.
October 11, 2023 | 1:28 pm
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Stellantis's joint venture with Samsung SDI for a new EV battery manufacturing facility represents a significant investment in the company's electrification strategy. The new facility, along with the existing gigafactory, is expected to create 2,800 new jobs and significantly increase the company's battery production capacity.
The announcement of a new EV battery manufacturing facility represents a significant step in Stellantis's electrification strategy. The investment in the new facility, along with the creation of new jobs, indicates the company's commitment to expanding its EV capabilities. This could potentially lead to increased investor confidence and a positive impact on the company's stock price in the short term.
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