KOKOMO, Ind. — Stellantis, the parent company of Chrysler, and Samsung will invest more than $2.5 billion in a new electric vehicle battery plant in Kokomo, Indiana.
The companies said the plant will bring 1,400 new high-wage jobs with it.
This will be Samsung's first manufacturing operation in the U.S.
“It’s another incredibly exciting day to be back in Kokomo celebrating such a transformational investment from Stellantis and our new partners at Samsung,” said Gov. Eric Holcomb. “Today’s announcement is another step toward positioning Indiana as a leader in the future of mobility, battery technology and clean energy.”
The plant will be built near the existing Stellantis facility in Kokomo. The final investment in the plant could reach $3.1 billion.
The facility will supply battery modules for a range of electric vehicles produced at Stellantis’ North American assembly plants.
“Our goals for the growth of Indiana’s economy are ambitious,” said Sec. Chambers. “This significant venture with Stellantis and Samsung SDI is squarely in line with our 5E focus on the energy transition and building an economy of the future. Large-scale investments like this are a testament to Indiana’s business-friendly climate, its strong workforce, a growing population and our continued investment in quality of life. The economic growth and momentum in our state this year is unprecedented.”
“Just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America,” said Carlos Tavares, Stellantis CEO. “Today’s announcement further solidifies our global battery production footprint and demonstrates Stellantis’ drive toward a decarbonized future outlined in Dare Forward 2030. I am grateful to Governor Holcomb and Secretary Chambers along with Mayor Moore, and their teams as well as all my colleagues for their support and dedication to bring this operation to Kokomo, a city that holds a rich and long history for our company.”
Construction is scheduled to begin later this year with production operations planned to launch in the first quarter of 2025.
“We would like to thank our partner, Stellantis, for its continued investment, support and faith in this community for over 85 years,” said Mayor Tyler Moore. “We would also like to thank Samsung SDI for its confidence in us and look forward to working together for the decades to come. This multi-billion dollar investment will help solidify Kokomo as a global leader in automotive manufacturing.”
The investment could gradually increase up to $3.1 billion. Plant operations are expected to achieve an initial annual production capacity of 23 gigawatt-hours (GWh), with an increase to 33 GWh over the next few years. For comparison, a single gigawatt-hour is enough to power 110 million LED bulbs.
Stellantis announced plans in October 2021 to invest $229 million in its Kokomo operations to support its goal of achieving 40% low-emission vehicle sales in the U.S. by 2030, along with a $400 million investment, announced in 2020, to expand and retool its Indiana Transmission Plant II for production of its new GMET4 engine.