Stellantis and Samsung Will Get $7 Billion to Build Battery Factories

Published On Dec 2, 2024, 8:00 AM

The Biden administration has announced a $6.85 billion loan to support the establishment of battery factories in Indiana by StarPlus Energy, a joint venture between Stellantis and Samsung SDI. This initiative aims to fortify the domestic supply of electric vehicle batteries, crucial for Stellantis's vehicle production, including brands like Jeep and Dodge. The loan is part of broader efforts to bolster electric vehicle manufacturing despite potential policy reversals from the incoming Trump administration. The planned factories will employ 2,800 workers and have the capacity to produce batteries for 670,000 vehicles annually.

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The $6.85 billion loan bolsters the strategic position of Stellantis in the EV market, potentially driving future growth given the rising demand for electric vehicles. The partnership with Samsung SDI enhances technological capabilities, which is vital in the competitive EV space.

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