Chrysler parent Stellantis and Samsung SDI plant say they will invest more than $2.5 billion and create 1,400 jobs at their planned electric vehicle battery plant in Kokomo, Indiana.
The plant, which will be the second EV battery plant announced for the automaker in North America, is slated to begin production of lithium-ion batteries in early 2025, according to a news release Tuesday. The companies said the investment total could gradually increase to up to $3.1 billion.
The plant, in an area where Stellantis already has multiple facilities, will supply battery modules for a range of vehicles produced in North America. Stellantis previously announced plans for an EV battery plant in Windsor, Ontario.
Stellantis CEO Carlos Tavares said the announcement highlights the company's efforts described earlier this year in its business plan, named Dare Forward 2030.
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"Just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America," Tavares said in the release. "Today's announcement further solidifies our global battery production footprint and demonstrates Stellantis' drive toward a decarbonized future outlined in Dare Forward 2030."
The selection of Indiana for the automaker's second EV battery plant announcement means a loss for Michigan, which had been said to be "in play" for the plant earlier this month.
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This article originally appeared on Detroit Free Press: Stellantis EV battery plant means $2.5B, 1,400 jobs for Indiana