Samsung SDI Co. Ltd. will invest 2.66 trillion South Korean won ($1.97 billion) in a joint venture with Stellantis NV in order to build a second plant to produce batteries for electric vehicles in the United States, the South Korean company announced on Wednesday in a document filed with the Asian country's regulatory agencies.
This investment is expected to be realized in the period from April 2024 to November 2027, although Samsung stressed that the amount of the investment may change "through future discussions between the two companies," and therefore the projected investment period could also change. The document revealed that the two firms expect to secure an annual production capacity of 34 GWh "with the goal of [reaching] mass production in 2027."
Samsung SDI and Stellantis are currently building their first EV battery production facility in Indiana, which should start production in 2025.
