By Cristina Roca
French-Italian car maker Stellantis NV has entered into a memorandum of understanding with South Korean electronic component maker Samsung SDI Co. to make battery cells and modules for North America, it said Friday.
The move is part of Stellantis's plan to make electric cars represent 40% of its sales in the U.S. by 2030, the company said.
The plant should have an initial annual production capacity of 23 gigawatt hours, with the ability to increase it to up to 40 gigawatt hours. The plant is expected to start in 2025. Its location is still under review.
On Monday, Stellantis said it was partnering with LG Energy Solution to build a battery plant for the North American market as well. The plan should have production capacity of 40 gigawatt hours annually, it said.
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(END) Dow Jones Newswires