Samsung to invest $2bn in second battery factory with Stellantis

(Sharecast News) - Samsung SDI is to invest $2bn building a second battery plant in the US with global car group Stellantis, it was confirmed on Wednesday. The South Korean firm, a specialist manufacturer of electric vehicle batteries, said the plant was expected to come online in 2027.

It is the second plant it is building in American jointly with Amsterdam-based Stellantis, which was formed after Italian-US carmaker Fiat Chrysler Automobiles merged with France's PSA Group, the owner of Peugeot.

A location for the latest plant has yet to be confirmed, although it was reported that it is likely to be near the first plant in Indiana, which is due to come online in early 2025.

Stellantis, in common with other motor manufacturers, is looking to ramp up production of electric vehicles by the end of the current decade.

Samsung Electronics is Samsung SDI's biggest shareholder, with a near 20% stake.