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With their second joint battery factory, the two companies would have a combined annual production capacity of 67 gigawatt hours (GWh) at the Indiana production site, Samsung SDI said in a statement.
The first joint plant is set to start production in the first quarter of 2025 and the second joint plant targets a start in early 2027.
Last month, Samsung SDI said it plans to invest 2.7 trillion won ($2.01 billion) to build its second joint battery plant with Stellantis.
Stellantis, whose brands include Peugeot (OTC:PUGOY), Jeep, Ram, Alfa Romeo, Citroen and Opel, has announced plans to reach 100% electric passenger car sales in Europe and 50% car and light truck electric mix in the U.S. by 2030. To achieve that, it has said it wants to secure about 400 GWh of battery capacity.
($1 = 1,340.6500 won)
