Time.news – Stellantis and LG Energy Solution will create a joint venture for the production of lithium-ion batteries in North America: the new plant will have a capacity of annual production of 40 gigawatt hours and the launch is scheduled for the first quarter of 2024.
This was announced in a press release from the automotive group, which underlines how “this joint venture will result in the creation of a new battery manufacturing facility, which will help achieve Stellantis’ goal of bringing electrified vehicle sales to more than 40 percent of total US total by 2030. “
The batteries produced in the new plant will be supplied to Stellantis assembly plants in the United States, Canada and Mexico for installation on next-generation electric vehicles, ranging from plug-in hybrids to full electric battery-powered vehicles. sold as part of the Stellantis brand portfolio.
The gigafactory will help the group “achieve, at a minimum, a total of 260 gigawatt hours of capacity by 2030”. To underline this, commenting on the announcement, the CEO of the car manufacturer, Carlos Tavares, according to which the new move “is a further demonstration of the fact that we are implementing our unstoppable roadmap towards electrification and we are following up on the commitments made on the occasion of the EV Day event in July “.
Stellantis plans to invest over 30 billion euros by 2025 in electrification and software development and aims to maintain 30% more efficiency than the industry average in the ratio of total R&D and capital expenditure to revenues.
“Creating a joint venture with Stellantis will be a historic chapter in our long-standing partnership,” said Jong-hyun Kim, president and CEO of LG Energy Solution. “Using our collective and individual technical skills and mass production capability, we will position ourselves as battery solution provider for potential customers in the region“.
The partnership between the two companies in the area of electrified vehicles dates back to 2014, when LG Energy Solution (then LG Chem) was selected by Stellantis (then Fiat Chrysler Automobiles) to supply the lithium-ion battery system and controls for Chrysler. Pacifica Hybrid, the industry’s first electrified minivan.
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