The automaker Stellantis and LG Energy Solution (LGES), one of the world’s largest battery producers, have signed a memorandum of understanding to establish a joint venture to manufacture battery cells and modules for North America. The companies therefore intend to build a new battery production facility as part of the joint venture. This is intended to help Stellantis achieve its goal of achieving more than 40 percent of its US sales with electrified vehicles by 2030. The plant should be put into operation in the first quarter of 2024 and have an annual production capacity of 40 gigawatt hours, according to Stellantis in a recent communication.
Batteries produced at the new facility will be shipped to Stellantis assembly plants in the United States, Canada and Mexico for installation in next-generation electric vehicles. This includes both plug-in hybrids and purely battery-electric vehicles from the Stellantis brands. “This announcement is further evidence that we are delivering on our ambitious electrification roadmap and delivering on the commitments we made at our EV Day in July,” said Stellantis CEO Carlos Tavares. With the location in North America, the car company has determined the next gigafactory for its portfolio, which should help to achieve a total capacity of at least 260 gigawatt hours of electric vehicle batteries by 2030.
“The founding of a joint venture with Stellantis is a significant milestone in our long-term partnership,” said Jong-Hyun Kim, President and CEO of LG Energy Solution. The two companies’ collaboration in the field of electrified vehicles dates back to 2014 when LG Energy Solution (then LG Chem) was selected by Stellantis (then Fiat Chrysler Automobiles) to provide the lithium-ion battery system and controls for the Chrysler Pacifica Hybrid to deliver the industry’s first electrified minivan. According to the current announcement, both companies now want to further strengthen their partnership and continue to use the strengths of each other.
Stellantis plans to invest more than 30 billion euros in electrification and software development by 2025. At the same time, the company aims to continue to be 30 percent more efficient compared to the industry average in terms of overall investment and R&D spending as a percentage of sales.
The concrete location of the new plant is currently being examined; Further details want to announce the two partners at a later date. The first groundbreaking ceremony for the factory is expected to be done in the second quarter of the coming year. The transaction is subject to the agreement on the final documentation and the usual final conditions, including regulatory authorizations.
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