Why Stellantis Stock Gained Today
Portfolio Pulse from Ryan Gustafson
Stellantis NV's stock traded higher amid volatility in auto stocks due to the UAW strikes. The company, in partnership with Samsung SDI, announced Kokomo, Indiana, as the second site for their electric vehicle battery manufacturing facility in the U.S. The facility, part of the StarPlus Energy joint venture, is expected to start production in 2027 with an annual capacity of 34 gigawatt hours. The total investment for both facilities will be over $6.3 billion, creating 2,800 new jobs.
October 11, 2023 | 9:08 pm
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POSITIVE IMPACT
Stellantis NV's stock traded higher amid UAW strikes and the announcement of a new EV battery manufacturing facility in partnership with Samsung SDI. The facility is expected to start production in 2027.
The announcement of the new facility, which is a significant investment and job creator, is likely to boost investor confidence in Stellantis NV's commitment to electric vehicle production. This, combined with the volatility in auto stocks due to the UAW strikes, has led to an increase in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100