Samsung SDI, Stellantis agree joint electric vehicle battery deal -source

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SEOUL, Oct 19 (Reuters) – South Korean battery maker Samsung SDI Co Ltd and world automaker Stellantis NV have agreed to collectively produce electrical automobile (EV) batteries for the North American market, an individual conversant in the matter stated on Tuesday.

Samsung SDI, an affiliate of South Korean tech large Samsung Electronics , already has EV battery crops in South Korea, China and Hungary, which provide prospects equivalent to BMW and Ford Motor .

“The 2 firms (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to supply EV batteries for North America,” the particular person with data of the matter informed Reuters. The supply spoke of situation of anonymity due to the sensitivity of the matter.

The particular person stated the situation of the battery three way partnership is beneath assessment and will likely be introduced later. In July, Reuters reported Samsung SDI might construct a battery plant in america, citing an organization supply.

South Korea’s Yonhap information company earlier reported the 2 firms plan to construct a manufacturing unit in america, citing trade sources.

Samsung SDI and Stellantis didn’t have quick remark when reached by Reuters.

with battery maker South Korea’s LG Power Resolution (LGES) to supply battery cells and modules for North America.

that Samsung SDI might construct a battery plant in america, citing an organization supply.

Shares of Samsung SDI have been up 2.6% as of 0300 GMT, versus a 0.6% rise within the KOSPI benchmark index.

Reporting by Heekyong Yang; Modifying by Christopher Cushing and Kenneth Maxwell


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