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Stellantis and Samsung, owners of Jeep and Ram, plan to spend $2.5 billion to build a battery factory in Kokomo, Ind., which is expected to create 1,400 jobs.
The joint venture is expected to begin production by 2025 and is expected to supply battery packs for Jeeps, Ram trucks and other vehicles in North America. It’s Stellantis’ second such announcement, which has been much slower than other established automakers to introduce electric cars and trucks.
The company aims to sell five million electric vehicles by 2030. By the end of the decade, he hopes electric cars and trucks will make up all sales in Europe and half of them in North America. New models will include an electric Dodge sports car, an electric Ram pickup truck and an electric Jeep sports utility vehicle.
Stellantis was formed in 2021 by the merger of Fiat Chrysler and French automaker Peugeot. It is led by Carlos Tavares, who was formerly the CEO of Peugeot. Tavares said last year that the company will spend 30 billion euros ($32 billion) on electric vehicles by 2025 to keep up with Tesla, the dominant maker of electric cars.
Chrysler has long had significant operations in Kokomo and is now making engines and transits in the city 60 miles north of Indianapolis.
In March, Stellantis said it would set up a battery factory in Windsor, Ontario, in a joint venture with a different battery company, LG Energy Solution. Stellantis currently manufactures minivans in Windsor.
Indiana offered Stellantis tax credits, educational grants and other economic incentives worth $186.5 million to build its new Kokomo facility.
Stellantis joins many other automakers in the race to build battery power plants and introduce new electric models. Ford Motor is building two battery plants in Kentucky and a third in Tennessee and has begun making an electric version of the F-150 pickup truck. General Motors plans to begin manufacturing electric car batteries at a new plant in Ohio this summer, and there are two more plants under construction in Tennessee and Michigan.
South Korean automaker Hyundai announced on Friday that it is located in Savannah, Ga. He said it will spend $5.5 billion on an electric vehicle and battery manufacturing complex near the city and expects to begin production in 2025.
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