Stellantis and Samsung SDI today announced plans to build another electric vehicle battery factory in Kokomo, Indiana.
With this move, the companies will eventually operate two EV-related plants in the area, the first of which was announced in June. Stellantis and Samsung SDI have already invested $3.1 billion in this facility, which is expected to create 1,400 jobs. According to company statements, the second electric vehicle battery facility will cost an additional $3.2 billion and create 1,400 jobs, bringing the total expenditure to $6.3 billion with a combined workforce of roughly 2,800 employees. Earlier this year, state and local authorities negotiated a generous incentive package with Stellantis, which included a 100% property tax abatement.
“Through construction of the second battery plant of StarPlus Energy, Samsung SDI will be establishing its largest production base for electric vehicle batteries in North America,” commented Yoon-ho Choi, president and CEO of Samsung SDI. “We expect Stellantis brand vehicles powered by Samsung SDI batteries featuring supreme technologies to contribute to accelerating the U.S. transition to an era of electric vehicles.”
The move is the latest in a string of new electric vehicle battery projects launched in 2023. Samsung has rapidly positioned itself as a critical EV partner for the U.S. automotive industry. Apart from Stellantis, the South Korean manufacturer is also allied with General Motors; the two announced plans to build a $3 billion facility in April. LG Energy, also based in South Korea, has formed similar agreements with several American automakers, including GM. LG Energy and GM had previously considered building a facility on the same stretch of land in Indiana purchased by Stellantis and Samsung SDI, but scrapped these plans earlier this year.