SweetBunFactory/iStock via Getty Images
Samsung SDI is planning to spend ~$2B to construct a second electric vehicle battery plant in the U.S. in partnership with Stellantis (NYSE:STLA), one of Detroit’s Big Three.
The South Korean battery manufacturer plans to carry out the investment from April 2024 to November 2027. The new facility will have a yearly output capacity of 34 GWh, and production is expected to begin in 2027.
Samsung SDI, whose largest shareholder is Samsung Electronics (OTCPK:SSNLF), and Jeep-maker Stellantis (STLA) had signed a deal in July to build the facility. The companies are also building a similar plant in Indiana, with production expected to start in early 2025.
Samsung SDI also plans to double its manufacturing capacity at its two Auburn Hills facilities in Michigan. The project is expected to generate a total investment of $41M, with a $5M performance-based grant from the state government.
“This expansion plan, critical to our operations, will allow us to better support our customers and will result in hundreds of new jobs for those eager to take part in the electrification revolution,” said Joe Pittel, general counsel, Samsung SDI America.
