The construction of the battery factory is part of the Stellantis Group’s plan to increase the production of electric vehicles.
The battery factory is targeted to start operating in 2025 with an initial annual production capacity of 23 gigawatt hours. The capacity of the battery factory is expected to increase to 40 gigawatt hours in the future. The company did not immediately comment on the news.
The battery plant will be built near the Stellantis engine, foundry and transmission plant in Kokomo, Indiana, said the source, who declined to be named.
In October, Stellantis said it would invest $229 million in three Kokomo plants to produce eight-speed electric transmissions.
In March, Stellantis and LG Energy Solution said they would invest $4.1 billion in a joint venture for a lithium-ion battery manufacturing plant in Canada.