Samsung SDI-Stellantis, Signed the contract to invest over

$2.5 billion in the US battery Joint Vetunre in Kokomo, Indiana

□ Initial annual production of 23GWh, capacity is expected to be increased
□ President and CEO YOONHO CHOI, “We have secured a solid foothold in a rapidly growing North American EV market”
□ CEO Carlos Tavares, “it will further solidify our global battery production strategy” ​

Samsung SDI and Stellantis N.V. announced that they will establish a joint-venture manufacturing facility for EV cells and modules in Kokomo, Indiana, United States and invest over $2.5 billion.

On May 24 (GMT-4), Samsung SDI, Stellantis, and the Government of Indiana launched the investment announcement ceremony and signed the contract to establish a joint venture to build an EV battery plant in Kokomo, Indiana, United States.

At the event, government officials and two companies’ management participated, namely the 51st Governor of Indiana, Eric Holcomb, the mayor of City of Kokomo, Tyler Moore, Samsung SDI’s President and CEO, YOONHO CHOI, and Stellantis’ Chief Operating Officer, Mark Stewart.

The joint-venture plant will begin the construction in the end of this year and start operation in the first quarter of 2025. The annual production capacity of battery cells and modules will be 23 gigawatt hours (GWh) initially, and expected to be increased according to Stellantis’ demand.

The joint-venture plant will begin the construction in the end of this year and start operation in the first quarter of 2025. The annual production capacity of cells and modules will be 23 gigawatt hours (GWh) initially, and expected to be increased to 33 GWh with the investment increases up to $3.1 billion.

With the Stellantis’ Kokomo transmission plant already in operation, Indiana will be the ment for the North American EV production with the establishment of Samsung SDI and Stellantis’ joint-venture production facility.

The battery produced from the joint-venture will be applied with Samsung SDI’s state-of-the-art technology represented as PRiMX. PRiMX is the first battery brand launched in the end of last year, and it was first introduced at CES 2022 in Las Vegas, United States in the last January. PRiMX refers to all batteries produced by Samsung SDI.

President and CEO of Samsung SDI, YOONHO CHOI said, “we express our gratitude towards officials from the State of Indiana and Stellantis
for supporting the final selection of the plant site in Indiana," and he added, "we have secured a solid foothold in a rapidly growing North American EV market through the joint venture with Stellantis. We will make sincere efforts to bring satisfaction to the market with top-class quality products in the future, and we will contribute towards meeting the climate change target."

CEO of Stellantis, Carlos Tavares stated, “just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America,” and said, “today’s announcement further solidifies our global battery production footprint and demonstrates Stellantis’ drive toward a decarbonized future outlined in Dare Forward 2030.”

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