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Both sides expect production to begin in the first quarter of 2024 at the plant, which should have an annual production capacity of 40-gigawatt hours.
Stellantis has also partnered with another South Korean battery maker, Samsung (KS:005930) SDI Co., for a similar EV battery joint-venture project with hopes of reaching its goal of electric vehicles making up 40% of its U.S. sales by 2030.
In a separate regulatory filing, LG said it plans to acquire a stake worth $542 million in ES America to respond to demand from EV startups in the United States. Reports show that LG may also be considering building a factory in Arizona.
“We are considering a new production site, but nothing has been decided yet,” said a spokesperson at LGES.
By Michael Elkins
