Samsung has chosen Indiana for a second time to host a brand new electrical automobile battery plant it’s planning to construct with Stellantis.
The 2 firms introduced Wednesday that they’re investing greater than $3.2 billion to construct the brand new plant, which can open in early 2027 and have an annual capability of 34 gigawatt hours. Its opening will result in 1,400 new jobs to Kokomo, positioned an hour north of Indianapolis.
StarPlus Vitality, the three way partnership fashioned by Samsung and Stellantis, beforehand selected Kokomo for its first gigafactory that’s at present beneath building and scheduled to open in 2025. In whole, the 2 factories will produce 67 gigawatt hours yearly.
“Indiana’s economic system is on a roll,” stated Indiana Governor Eric Holcomb in a press releasing including that the second plant means the businesses are doubling their capital funding and the quantity of latest jobs being created.
The factories will assist Stellantis meet its aim for battery electrical passenger vehicles to make up 100% of its gross sales in Europe, and 50% of its gross sales within the US, by 2030. Stellantis introduced in 2021 an “aggressive” funding of $35 billion for electrical automobile manufacturing and wishes 400 gigawatt hours yearly to fulfill its 2030 aim.
Stellantis (STLV) was created in 2021 via the merger of Fiat Chrysler and PSA Group, maker of Peugeot, Citroën, Opel and Vauxhall vehicles in Europe. Shares rose almost 2% in premarket buying and selling.