Stellantis and LG Energy Solution to form a JV for Li-Ion battery production in North America

19 October 2021, 02:44:28

Stellantis and LG Energy Solution to form a JV for Li-Ion battery production in North AmericaStellantis and LG Energy Solution today announced that their companies have entered into a memorandum of understanding to form a joint venture to produce battery cells and modules for North America. The transaction is subject to agreement on definitive documentation and customary closing conditions, including regulatory approvals.

The parties intend that the joint venture will establish a new battery manufacturing facility that will help power Stellantis' goal of realizing more than 40% of its sales in the U.S. comprised of electrified vehicles by 2030. Targeted to start by the first quarter of 2024, the plant aims to have an annual production capacity of 40 gigawatt hours.

The batteries produced at the new facility will be supplied to Stellantis assembly plants throughout the US, Canada, and Mexico for installation in next-generation electric vehicles ranging from plug-in hybrids to full battery electric vehicles that will be sold under the Stellantis family of brands.

Stellantis plans to invest more than €30 billion through 2025 in electrification and software development while targeting to continue to be 30 percent more efficient than the industry with respect to total Capex and R&D spend versus revenues.

The location of the new facility is currently under review and further details will be shared at a later date. The groundbreaking for the facility is expected to take place in the second quarter of 2022.

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