Stellantis and Samsung SDI said Tuesday they will build a new battery plant in Indiana as the Chrysler-parent ramps up EV production plans.
Targeted to start operations in 2025, the plant aims to have an initial annual production capacity of 23 gigawatt hours, with an aim to increase to 33 GWh in the next few years.
The joint venture will create 1,400 new jobs and could gradually increase to up to $3.1 billion.
The companies in October announced they were signing a memorandum of understanding to form a joint venture for lithium ion battery production in North America and said the plant was targeted to start in 2025 and aimed to have an initial annual production capacity of 23 gigawatt hours, with the ability to increase to up to 40 gigawatt hours in the future.
The announcement could prove a disappointment to Michigan economic development officials. Earlier this month, Stewart said Michigan "absolutely" could be home to a new plant and that the company was making its decision on a fast track.