SEOUL, Oct 22 Reuters - South Korea's Stellantis NV said on Friday that it had entered an agreement for a joint venture with automaker Samsung SDI Co Ltd to produce electric vehicle EV battery cells and modules in the United States.
It aims to start the plant by the first half of 2025 with an initial annual battery production capacity of 23 gigawatt hours GWh the South Korean battery maker said in a statement.
The joint venture's annual battery production capacity could increase to 40 GWh in the future, which could power about 670,000 electric vehicles, Samsung SDI added.
The batteries produced at the Stellantis joint venture will be supplied to the U.S. factories in the United States, Canada and Mexico. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford Motor.
Stellantis, the world's fourth largest auto group, was formed at the start of the year by the merger of Fiat Chrysler and Peugeot maker PSA https: www.reuters.