What’s Happening: Stellantis and Samsung SDI celebrated a significant step in the development of their joint electric vehicle (EV) battery manufacturing facility in Kokomo, Indiana, today by raising the first piece of steel for the new gigafactory’s structure.
Why It Matters: This joint venture marks a major investment in the EV industry in the United States and signifies the growing demand for electric vehicles. The new facility will create 1,400 jobs in Kokomo and the surrounding areas, while bolstering local economic development and contributing to the global shift toward sustainable transportation.
Key Points:
- Stellantis and Samsung SDI announced the joint venture in May 2022, with a commitment to invest more than $2.5 billion (€2.3 billion) in the project. The investment could gradually increase up to $3.1 billion (€2.9 billion).
- The plant is set to launch in Q1 2025 and will initially have an annual production capacity of 23 gigawatt-hours (GWh). The companies plan to expand this capacity to 33 GWh in the next few years.
- The facility will supply battery modules for a range of vehicles produced at Stellantis’ North America assembly plants.
- Members of the joint venture’s management team, Kokomo Mayor Tyler Moore, President/CEO of the Greater Kokomo Economic Development Alliance Lori Dukes, Economic Development Advisor Charlie Sparks, former Howard County Commissioner Paul Wyman, and Senior Vice President of Business Development with the Indiana Economic Development Corporation Brock Herr all attended the event and signed the first steel beam.
Bottom Line: The construction of the Stellantis-Samsung SDI gigafactory in Kokomo, Indiana, marks a significant milestone in the growth of the EV industry in the United States. The facility will not only create jobs and boost the local economy but also contribute to the transition toward more sustainable transportation options. As the demand for electric vehicles continues to rise, investments like this joint venture will play a crucial role in shaping the future of the automotive industry.
