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Stellantis strengthens electricity plan with Samsung SDI US deal

The alliance will roll out a € 30 billion ($ 35 billion) electrification plan less than a week after Stellantis signed a similar deal with South Korea’s LG Energy Solution (LGES).


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Stellantis plans to invest more than € 30 billion by 2025 in electrifying its vehicle lineup.

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Stellantis and South Korea’s Samsung SDI Co Ltd have signed a preliminary agreement on a joint venture to produce electric vehicle (EV) battery cells and modules in the United States, the two companies said Friday. The alliance unfolds a € 30 billion ($ 35 billion) electrification plan less than a week after the world’s fourth-largest automaker signs a similar deal with South Korea’s LG Energy Solution (LGES). To do. Automakers are investing billions of dollars to accelerate the transition to low-emission mobility and prepare for the phasing out of internal combustion engines.

Founded in January by the merger of Italian-American carmaker Fiat Chrysler and French PSA, Stellantis announced earlier this year that it would invest more than € 30 billion in electrification of its vehicle lineup by 2025. .. The two battery trades support the goal of EVs accounting for more than 40% of US sales by 2030, providing up to 80 gigawatt hours (GWh) of annual battery production capacity and approximately 1.2 million electricity units. It can power the car.

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The Stellantis-Samsung SDI Venture aims to start operations with an initial annual battery capacity of 23 GWh by the first half of 2025.

Martino De Ambroggi, an analyst at broker Equita, said the joint venture with Samsung SDI and LSEG Stellantis will provide the capacity needed to meet the company’s US electrification goals. Stellantis says it wants to have a global battery capacity of over 130 GWh by 2025 and over 260 GWh by 2030. As part of this plan, Stellantis has announced that it will build three battery plants (Germany, France and Italy) and two battery plants in Europe. In North America.

Branded by Peugeot, Fiat, Opel and US bestsellers Jeep and Lamb, the group aims to bring more than 70% of its European sales to low-emission vehicles by 2030. The Stellantis-Samsung SDI venture said in a joint statement that by the first half of 2025, the initial annual battery capacity will start operating at 23 GWh, but could increase to 40 GWh in the future. They did not provide financial details.

Batteries produced by the US joint venture will be supplied to Stellantis plants in the United States, Canada and Mexico. The location of the factory is currently under consideration. Samsung SDI, an affiliate of South Korea’s high-tech giant Samsung Electronics, already has EV battery factories in South Korea, China and Hungary, supplying customers such as BMW and Ford Motor. By 0905 GMT, Stellantis’ Milan-listed stocks had risen 0.6%, almost in line with Italy’s Best Equity Index. Samsung SDI shares closed close to 2%.

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Stellantis strengthens electricity plan with Samsung SDI US deal

Source link Stellantis strengthens electricity plan with Samsung SDI US deal

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