Stellantis, LGES to form battery production JV for U.S. market
Oct 18 (Reuters) – Automaker Stellantis NV and battery maker LG Power Answer entered an settlement to kind a three way partnership to provide battery cells and modules for North America, the businesses stated on Monday.
The batteries produced on the new facility can be provided to Stellantis’ electrical automobile crops in the USA, Canada and Mexico, to help Stellantis’ objective of getting greater than 40% of its U.S. gross sales include e-vehicles by 2030.
The plant is focused to start out by the primary quarter of 2024 and goals to have an annual manufacturing capability of 40 gigawatt hours.
The placement of the plant is below assessment and can be introduced at a later date, and the groundbreaking for the ability is anticipated within the second quarter of 2022, the businesses stated of their assertion.
Reporting by Shivam Patel in Bengaluru and Joyce Lee in Seoul; Modifying by Rashmi Aich and Uttaresh.V
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