Stellantis, LG Energy to build battery factory in new joint venture

Soruce: TechCrunch

Stellantis, the automaker formed through a merger with Fiat Chrysler Automobiles and Groupe PSA, has reached a preliminary deal with LG Energy Solution to produce battery cells and modules in North America.

The deal, which still must be approved by regulators, is part of Stellantis’ plan to invest 30 billion euros ($34.8B) in electrification and software through 2025 in a bid to offer EV options for every model it produces in the U.S. and to reach specific sales goals for the region. The company has said it wants EVs to make up more than 40% of its U.S. sales by 2030. The facility will help Stellantis achieve a total minimum of 260 gigawatt hours of capacity by 2030, according to CEO Carlos Tavares.

The news comes the same day as Toyota announced its own plans build a battery factory in the United States. Toyota Motor North America and Toyota Tsusho announced plans to build an automotive battery plant with the aim of starting production in 2025. The project includes an investment of about $1.29 billion until 2031, Toyota said. Toyota said it will invest about $3.4 billion in automotive batteries in the U.S. through 2030.



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