Press release
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october 18, 2021 - Stellantis
Stellantis and LG Energy Solution to Form Joint Venture for Lithium-Ion Battery Production in North America
AMSTERDAM, October 18, 2021 - Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) and LG Energy Solution today announced that their companies have entered into a memorandum of understanding to form a joint venture to produce battery cells and modules for North America.
The parties intend that the joint venture will establish a new battery manufacturing facility that will help power Stellantis’ goal of realizing more than 40% of its sales in the U.S. comprised of electrified vehicles by 2030. Targeted to start by the first quarter of 2024, the plant aims to have an annual production capacity of 40 gigawatt hours.
The batteries produced at the new facility will be supplied to #stellantis assembly plants throughout the US, Canada, and Mexico for installation in next-generation electric vehicles ranging from plug-in hybrids to full battery electric vehicles that will be sold under the #stellantis family of brands.
“Today’s announcement is further proof that we are deploying our aggressive electrification road map and are following through on the commitments we made during our EV Day event in July,” said Carlos Tavares, CEO of #stellantis. “With this, we have now determined the next ‘gigafactory’ coming to the #stellantis portfolio to help us achieve a total minimum of 260 gigawatt hours of capacity by 2030. I want to warmly thank each person involved in this strategic project. Together, we will lead the industry with benchmark efficiencies and deliver electrified vehicles that ignite passion.”
“Establishing a joint venture with #stellantis will be a monumental milestone in our long-standing #partnership,” said Jong-hyun Kim, President and CEO of LG Energy Solution. “LGES will position itself as a provider of battery solutions to our prospective customers in the region by utilizing our collective, unique technical skills and mass-producing capabilities.”
The #partnership between the two companies in electrified vehicles dates back to 2014 when LG Energy Solution (then LG Chem) was selected by #stellantis (then Fiat Chrysler Automobiles) to supply the lithium-ion battery pack system and controls for the Chrysler Pacifica Hybrid, the industry’s first electrified minivan. With this announcement, the two companies look to solidify their #partnership even further and continue leveraging each other’s strengths.
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