Stellantis NV and Samsung SDI today announced that they have signed a memorandum of understanding to construct a second StarPlus Energy Gigafactory in Indiana. Under the terms of the current joint venture with StarPlus Energy, the battery factory manufacturing facility was signed. The facility intends to begin operating in 2027 with a target initial annual production capacity of 34 gigawatt hours (GWh).
In May 2022, the traditional automaker and Samsung SDI established a joint venture and announced intentions to invest more than $2.5 billion in a lithium-ion battery manufacturing facility in the US. By 2025, Indiana’s first battery plant will open with a 33 GWh annual manufacturing capacity as its goal. Stellantis anticipates being able to offer up to 25 new battery electric vehicles in North America thanks to the two battery factories it has with Samsung.
Also Read:Â Eleven Park Neighbourhood Project Breaks Ground in Indiana
Funding and benefits received for the second StarPlus Energy Gigafactory
Stellantis will be able to benefit from the EV tax benefits provided by the Inflation Reduction Act (IRA) thanks to the two battery plants in the US. The IRA’s tax incentives have considerably increased the selling of battery electric vehicles in the US. For instance, Ford stated that sales of the F-150 Lightning increased 100% in the second quarter.
Samsung SDI President and CEO Yoon-ho Choi said, “We built a solid foundation for establishing our footprint in North America by creating the joint venture with Stellantis last year. By producing products with the highest standards of safety and quality, the second facility will hasten our market penetration in the US and aid Stellantis in advancing the country’s transition to an era of electric vehicles.
According to Stellantis CEO Carlos Tavares, “This new facility will help us achieve our ambitious target to offer at least 25 new battery electric vehicles for the North American market by the end of the decade.” “We are laying the next steps to achieving our carbon neutrality commitment by 2038 while adding more capacity in the United States with our fantastic partner Samsung SDI.”
