Tuesday, July 16, 2024

Stellantis and LG to invest $4.1 billion for electric vehicle battery manufacturing facility in Canada

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Stellantis and LG Energy Solution will invest about $4.1 billion in an electric vehicle battery factory in Canada. Stellantis and LG Energy Solution will create a joint venture for Canada’s first large-scale domestic electric vehicle battery manufacturing facility in Canada.

Construction of the EV battery plant will begin at the end of 2022 and will be fully operational in the first quarter of 2024. EV battery factory
will be in Windsor, Ontario.

The plant is targeted to have an annual production capacity of more than 45 gigawatt hours and will create around 2,500 new jobs.

The plant is part of the Stellantis group’s electrification plan, which aims to sell 5 million electric vehicles globally by 2030.

Stellantis seeks to shift to all-electric vehicles over the next decade. All major car manufacturers globally have announced their electrification plans, including allocating resources to build electric vehicle battery factories.

Some have even gone a step further by securing the supply of raw materials, such as Volkswagen, which recently announced its Asian ventures to secure electric vehicle battery raw materials supply.

The Stellantis group is the fourth largest automaker in the world. Stellantis was formed in January 2021 by the merger of Fiat Chrysler and France-based Groupe PSA. Stellantis currently has 14 car brands under their group, including Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Peugeot.

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