Stock Groups

Samsung SDI, Stellantis to set up EV battery joint venture in U.S -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Stellantis signs can be seen in front of company headquarters at Auburn Hills, Michigan (USA), June 10, 2021. REUTERS/Rebecca Cook/File Photo

SEOUL (Reuters). South Korea’s Samsung (KS) SDI Co Ltd announced Friday that the company had signed a partnership agreement with Stellantis NV in order to manufacture electric vehicles (EVs) and their modules in America.

The South Korean battery producer stated that the goal is to begin the plant within the first half in 2025, with an initial annual capacity of 23 gigawatthours (GWh), according to a statement.

Samsung SDI said that the joint venture could grow its annual battery production to 40 GWh, which would power approximately 670,000 electric cars.

Financial details regarding the transaction were not provided.

Stellantis will receive the batteries made at the U.S. joint enterprise. They will also be shipped to Stellantis factories in Mexico, Canada, and the United States. We are currently looking into the location.

Samsung SDI is a subsidiary of South Korean tech giant Samsung Electronics. (OTC) Already has EV batteries in South Korea and China. These plants supply clients such as BMW Motors and Ford Motors (NYSE:).

Stellantis and Samsung SDI have teamed up less than one week after No. 4 automaker signed a battery joint venture agreement with South Korea’s LG Energy Solution https://www.reuters.com/technology/stellantis-lg-energy-form-battery-production-jv-2021-10-18.

Stellantis, formed in January from the merger https://www.reuters.com/article/us-stellantis-deal-idUSKBN29L001 of Italian-American automaker Fiat Chrysler and France’s PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are provided by market makers and are therefore not necessarily accurate. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]