Stellantis and LG to form EV battery joint venture in US
By Jason Dunn2021-10-25T15:42:00
Stellantis and LG Energy Solution have signed a memorandum of understanding (MoU) to establish a joint venture plant to produce battery cells and modules for the North American automotive market. The move is part of the carmaker’s aim to make 40% of the cars it sells in the US electric by 2030, in line with the aims of the US government.
Stellantis intends to use the new plant to supply battery cells and modules for its plug-in hybrid and all-electric vehicles to plants across North America. The carmaker has not yet revealed the location of the gigafactory but it is scheduled to begin operations in the first quarter of 2024 with a capacity of 40 GWh. That will contribute to the carmaker’s goals of having a total minimum of 260 GWh battery capacity across its portfolio by 2030.
“Today’s announcement is further proof that we are deploying our aggressive electrification road map and are following through on the commitments we made during our EV Day event in July,” said Carlos Tavares, CEO of Stellantis.