Stellantis, a joint venture with LG to produce batteries in North America

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The ambitious electrification strategy of the Stellantis Group takes another step forward. The Group, in fact, has announced that it has entered into a memorandum of understanding with LG Energy Solution for the creation of a joint venture that will take care of; of production of battery cells and modules for North America .

NEW FACTORY FOR BATTERIES

To produce the new cells, the joint venture will go to to also build a new factory that will contribute; to achieve Stellantis' goal of bringing sales of electrified vehicles to more than 40% of the total in the United States by 2030. According to the announcement, the activities of production should start by the first quarter of 2024. The capacity; annual will be & agrave; equal to 40 GWh . The batteries that will be produced at this site will be used for electrified vehicles that will be built at Stellantis assembly plants in the United States, Canada and Mexico.

The batteries will be needed both for Plug-in hybrid models and for 100% electric ones . For the moment, the Group has not disclosed where it will be; built the new factory. Stellantis si & egrave; limited to stating that more details, in this sense, will be communicated later. The start of construction of the new plant is expected to start in the second quarter of 2022. The collaboration between Stellantis and LG is not; new, indeed, dates back to 2014 when the then FCA entered into an agreement with the Korean company for the supply of batteries for the Chrysler Pacifica Hybrid.

The announcement is certainly interesting. To be able to sustain the strong growth of electric and plug-in cars, abundant availability is required; of batteries. Stellantis, from this point of view, will be able to & agrave; rely on several partners. The most important & egrave; certainly ACC, the joint venture between PSA and Total. For growth on the American market, the Group will exploit & agrave; the collaboration with LG.

Stellantis plans to invest over 30 billion euros by 2025 in electrification and software development. Carlos Tavares , CEO of Stellantis, on this important news; commented:

Today's announcement & egrave; further demonstration that we are implementing our unstoppable roadmap towards electrification and following up on the commitments made at the EV Day event in July. With this initiative we have defined the next & ldquo; gigafactory & rdquo; of the Stellantis portfolio that will help us & agrave; to reach, at least, a total of 260 gigawatt-hours of capacity; by 2030. I would like to warmly thank all those who took part in this strategic project. Together, we will lead the industry with efficiency benchmarks for the industry, and deliver electrified vehicles that will thrill.

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