Stellantis and Samsung will build a $2.5bn battery plant in Indiana, as the parent group of Chrysler and Fiat accelerates its electric vehicles shift in the US after lagging behind its peers.
The facility is set to open in 2025 and would be Samsung’s first battery manufacturing site in the US. The investment follows recent deals by the company’s South Korean rivals, including LG Energy Solution and SK On, to open US joint ventures with global automakers.
Stellantis, the world’s fourth-largest automaker, which was formed last year through the merger of Fiat Chrysler and France’s PSA Peugeot, wants to sell 5mn EVs annually by 2030. The company hopes fully electric vehicles will represent half of its North American car and light truck sales and to sell only electric passenger cars in Europe by that date.