Home Business Samsung SDI Stellantis U.S. Joint Venture Official Announcement… Mounted from 2025 | Hankyung.com

Samsung SDI Stellantis U.S. Joint Venture Official Announcement… Mounted from 2025 | Hankyung.com

by news dir

Samsung SDI EV battery. Provided by Samsung SDI.

Samsung SDI(737,000 +1.94%)will establish the first electric vehicle battery cell and module production corporation in the United States with the automobile company Stellantis.

Stellantis, which has a slower electrification than other automakers, is expected to aggressively target the electric vehicle market by establishing joint ventures with two domestic companies, including LG Energy Solutions and Samsung SDI, in the North American market.

Samsung SDI officially announced on the 22nd that it had signed a memorandum of understanding (MOU) with Stellantis to establish a joint venture for the production of batteries for electric vehicles. The joint venture decided to produce electric vehicle battery cells and modules at an annual capacity of 23 gigawatt hours (GWh) for the first time in the United States from the first half of 2025. It can be expanded up to 40 GWh in the future.

The name and location of the joint venture have not been specifically determined. However, the batteries produced by the joint venture will be supplied to Stellantis’ plants in the United States, Canada and Mexico, and will be installed in the next-generation electric vehicles of the Stellantis brand, from plug-in hybrid vehicles (PHEVs) to pure electric vehicles (EVs).

Through this joint venture, Samsung SDI will be able to proceed with the production of electric vehicle battery cells and modules in the United States without any setback ahead of the entry into force of the ‘New North American Free Agreement (USMCA)’ scheduled for July 2025. Until the USMCA goes into effect, it is necessary to build a factory in the United States and start production in order to receive tariff benefits and to secure price competitiveness.

Stellantis is a car company created in January by the merger of Fiat Chrysler (FCA) and Peugeot Citroën (PSA), and there are 14 brands under the group.

As Samsung SDI entered the North American market by establishing a joint venture with Stellantis, it is expected to accelerate its penetration into the North American market in the future. With the establishment of this joint venture, Samsung SDI’s electric vehicle battery production base has expanded to four in Korea, including Ulsan, Hungary and China.

Currently, Samsung SDI is the only Korean battery company that does not have a battery plant in the US. It has maintained its own route without establishing a joint venture with a global automaker.

Jeon Young-hyeon, president of Samsung SDI, said, “I am delighted to have established a joint venture with Stellantis, which is accelerating its electrification strategy in line with the eco-friendly era. We will do our best to provide the highest level of satisfaction to our customers.”

Previously, Stellantis announced on the 18th that it had signed an MOU with LG Energy Solutions to establish a joint venture to produce electric vehicle battery cells and modules in North America. The production capacity of the joint venture with LG Energy Solutions is 40 GWh per year. Stellantis and LG Energy Solutions plan to start construction of their factories in the second quarter of next year and begin mass-producing batteries from the first quarter of 2024.

Carlos Tavares, President of Stellantis, said, “Through the new battery joint venture, we will solidify our position in the North American electric vehicle market and win the competition. will do it,” he added.

Reporter Noh Jeong-dong, Hankyung.com [email protected]

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