- Stellantis NV (NYSE:STLA), Mercedes-Benz Group AG (OTC:DMLRY), and TotalEnergies SE (NYSE:TTE) joint venture Automotive Cells Company looked to build an EV battery plant in Italy.
- The plant would involve an investment of over €7 billion, Reuters reports
- The partners aimed to increase its industrial capacity to at least 120-gigawatt hours (GWh) by 2030. ACC looked to produce batteries for over 2.5 million vehicles per year by 2030. Tesla Inc's (NASDAQ:TSLA) Berlin plant aimed for an eventual capacity of 50 GWh.
- ACC would convert an existing Stellantis plant in Termoli, in southern Italy, into a battery facility.
- Stellantis previously announced battery plants in France and Germany through ACC.
- It would increase the production capacity of each of the French and German plants to 40 GWh from the 24 GWh initially planned.
- South Korea's LG Energy Solution Ltd looked to invest $1.5 billion to set up a JV with Stellantis in Canada, Reuters reports.
- LGES aimed to acquire a stake of $542 million in ES America to tap demand from EV startups in the U.S.
- In October, LGES and Stellantis forged an EV battery production JV.
- Price Action: STLA shares traded lower by 1.10% at $16.20 in the premarket on the last check Wednesday.
