that could employ up to 1,400 workers and will become the second manufacturing facility like this situated in North America.
On Tuesday, the company announced its plans to invest more than $2.5 billion (roughly about 19400 crores). 19,400 crore) on the Kokomo plant Kokomo that will supply batteries powered by electricity to vehicles produced through Stellantis’ North American assembly factories.
The plant’s construction is scheduled to start at the end of the year’s second quarter. The facility is expected to be finished by the beginning of 2025. It will be situated within the town of 60 millimeters (97km) to the north of Indianapolis.
The amount invested by this venture into the facility could slowly increase to $3.1 billion (roughly about $24,000 million in rupees. $24,000 million), Mark Stewart, the chief operating officer at Stellantis North America, said at the announcement ceremony held on the campus of Ivy Tech Community College in Kokomo.
Samsung SDI will use its PRiMX technology to create the batteries needed for electric cars and modules for customers in the North American market at the Kokomo plant. Samsung SDI announced this in a statement.
Stellaris was established in 2000 after the merger of Fiat Chrysler, and France’s PSA Peugeot has announced that it plans to build two battery factories to manufacture electric vehicles in North America. The Kokomo factory will be the second factory to be the first to be constructed in the United States.
On March 1, the firm revealed its plans to invest $4.1 billion (roughly about 31800 crores). 31800 crore) in the joint venture alongside LG Energy Solution of Korea to build a plant located in Windsor, Ontario. The plant is anticipated to employ around 2500 workers.
Stellantis, the fourth-largest carmaker globally, announces that it will offer five million electric vehicles in 2030. It will also include 50 percent of their North American passenger car and light truck sales becoming utterly electric by 2030. Stellantis plans to offer exclusively electric passenger vehicles in Europe by 2030.
Stellantis, in October, made public plans for investing around $ 230million (roughly the equivalent to. 1 800 crores) to refurbish three Kokomo manufacturing facilities in the region to produce transmission systems that can be used with gasoline-powered cars of the past and hybrid gas-electric models.
In 2020 the company revealed that it would invest 400 million (roughly equivalent to 3100 crores in rupees). 3100 crore) to turn its Indiana Transmission Plant II in Kokomo into an engine manufacturing plant.
“Today’s announcement is another step toward positioning Indiana as a leader in the future of mobility, battery technology, and clean energy,” Indiana Governor Eric Holcomb said.
Indiana proposes incentives for manufacturing electric batteries for $186.5 million (roughly about the amount of Rs. 1400 crore) with tax credit conditions, in the form of grants for training as well as investment grants, and other incentives that focus on the funding which can be used to fund the infrastructure of the plant, the Indiana Economic Development Corporation said.