Car manufacturer Stellantis has formed a joint venture with LG Energy Solution to produce battery cells for the US car market.
The joint venture will establish a new battery manufacturing facility at an as yet undisclosed location to help Stellantis meet its 2030 target for 40% of its sales in the US to be made up of electrified vehicles.
Planned to start by the first quarter of 2024, the battery cell plant will have a 40 gigawatt hours annual production capacity.
The batteries produced will be supplied to Stellantis’ assembly plants throughout the US, Canada, and Mexico for installation in next-generation electric vehicles ranging from plug-in hybrids to full battery electric vehicles that will be sold under the Stellantis family of brands.
Target for 2030
Commenting on the joint venture, Carlos Tavares, CEO of Stellantis, said: “With this, we have now determined the next ‘gigafactory’ coming to the Stellantis portfolio to help us achieve a total minimum of 260 gigawatt hours of capacity by 2030.”
He added: “I want to warmly thank each person involved in this strategic project. Together, we will lead the industry with benchmark efficiencies and deliver electrified vehicles that ignite passion.”