SEOUL -- Stellantis and South Korean battery maker Samsung SDI have agreed to jointly produce EV batteries for the North American market, a person familiar with the matter said.
"The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters on Tuesday.
The source spoke on condition of anonymity because of the sensitivity of the matter.
The person said the location of the battery JV is under review and will be announced later.
South Korea's Yonhap news agency earlier reported that the two companies plan to build a factory in the U.S., citing industry sources.
Samsung SDI and Stellantis did not have immediate comment when reached by Reuters.
Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford Motor.
Stellantis on Monday struck a preliminary deal with battery maker LG Energy Solution to produce battery cells and modules for North America.