Stellantis picks Indiana for its $2.5 billion EV battery factory with Samsung

Image: Stellantis

The parent company of Dodge, Jeep, and Chrysler has decided to build its next electric vehicle battery factory in Indiana. The plant will be built in partnership with a South Korean company. Indiana Governor Eric Holcomb and several other local officials were present at the announcement.

Mark Stewart, chief operating officer of Stellantis, said at the press conference that the new facility will create 1,400 new jobs and cost $2.5 billion to build, but that both companies are willing to spend up to $3 billion on the project. The cost will be divided between the two companies.

A number of plants for casting, transmissions, and engines are located in Kokomo. The addition of an EV battery factory will help accelerate the push toelectrify vast swaths of its lineup, the company said. The $4.1 billion EV battery plant will be built in Windsor, Ontario.

The company said it wants to sell 5 million electric vehicles by the year 2030. EV versions of the Ram 1500 pickup truck and a Dodge electric muscle car are included in the plan the company announced last year. Chrysler will only sell electric vehicles by the year 2028.

The need to expand battery manufacturing capacity is growing as the auto industry shifts to electrification. GlobalData predicts that global battery production will grow from 95.3GWh in 2020 to 410.5GWh in 2024.

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