Stellantis Boost: Samsung Chooses Indiana for Revolutionary New Battery Plant
Samsung doubles down on Indiana, selecting the state once again to establish a cutting-edge electric vehicle battery plant in collaboration with Stellantis, marking their second venture in the region
Samsung and Stellantis have selected Indiana as the location for their new electric vehicle battery plant. With an investment of over $3.2 billion, the plant is set to open in early 2027 and will have a capacity of 34 gigawatt hours per year. This development will create approximately 1,400 new job opportunities in Kokomo, located one hour north of Indianapolis.
StarPlus Energy, the joint venture between Samsung and Stellantis, is constructing its inaugural gigafactory in Kokomo, slated to open in 2025. The combined output of the two factories will yield a total annual capacity of 67 gigawatt hours.
Indiana Governor Eric Holcomb expressed his enthusiasm for the state's thriving economy, noting that the addition of a second plant signifies the doubling of capital investment and the creation of a greater number of new jobs.
The Samsung flag flies proudly above the prestigious Seocho building in Seoul, South Korea, on January 27, 2022. This powerful image, captured by ANTHONY WALLACE/AFP via Getty Images, showcases the prominence of the Samsung brand and its presence in the bustling capital city.
Anthony Wallace/AFP/Getty Images
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Stellantis aims to achieve its target of having battery electric passenger cars account for 100% of its sales in Europe and 50% in the US by 2030, with the assistance of its factories. In 2021, Stellantis made a significant investment of $35 billion for electric vehicle production and requires 400 gigawatt hours annually in order to reach its 2030 goal. Stellantis, the result of the merger between Fiat Chrysler and PSA Group (manufacturer of Peugeot, Citroën, Opel, and Vauxhall cars in Europe), saw a nearly 2% increase in shares during premarket trading.
