As the world is moving towards greener technology for transportation, Samsung is also planning to make its presence felt in the industry. According to the latest report by The Korea Herald, Samsung SDI has begun building its own EV battery plant in the US to power electric vehicles.
Notably, Samsung is setting up the EV plant in the US in a joint venture with Stellantis. Stellantis is the maker of Jeep, Fiat, and Peugeot vehicles. At the shareholder meeting, Samsung SDI CEO Choi Yoon-ho said, “Adding to the joint venture with Stellantis, we think there needs to be our own production base in the US.” Moreover, he also added that the company is looking for additional ways to ramp up its production capacity as well.
The location of the said Samsung EV battery plant hasn’t been revealed yet. The company is finalizing talks with the local government on details regarding tax benefits and other incentives. Choi said that the location would be revealed “very soon.”
This whole battery-manufacturing joint venture with Stellantis for EV battery production aims to increase the production capacity from 23 gigawatt-hours to 40 gigawatt-hours. The production at the upcoming battery plant will commence in the first half of 2025.