On Monday, 18th October 2021, the companies including Stellantis, an automobile producer and LG Energy Solution has entered into a partnership for the purpose of forming a joint venture for producing the modules and battery cells for the region of North America.
The batteries, which are going to be produced at the new facility is going to be supplied to the electric vehicle plant of Stellantis based in the United States, Mexico and Canada for the purpose of supporting the goal of the company of having more than 40 percent sales of the company in the United States consisting of the electric vehicles by the year 2030.
This new plant of the company has also been expected to start by the first quarter of the year 2024, and it has also been aiming to have a production capacity of 40 gigawatt hours annually. The location of this new plant has been under review, and it is going to be announced in the future, and the ground-breaking for the plant has also been expected in the second quarter of the year 2022.
Carlos Tavares, CEO of Stellantis said, with this partnership, they have now determined the next Gigafactory that has been coming to the portfolio of the company for helping them to achieve a minimum total of 260 gigawatts hours of capacity by the year 2030. The LG Energy Solution has been aiming to nurture the company’s battery-producing wing as a leading player in the battery market across the globe by a steady injection of the capital for the technical development and the facility investment.
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