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Benzinga
Benzinga
Technology
Anusuya Lahiri

Stellantis Fires Up EV Rivalry With Tesla

Stellantis ACC LGES NYSE STLA Italy LG Energy Solution Ltd Nasdaq Stellantis NV Tesla Inc.
  • 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.
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