Jeep maker Stellantis NV and a South Korean battery manufacturer will invest at least $2.5 billion for an electric-vehicle battery plant in Kokomo, Indiana, creating 1,400 jobs, the companies said on Tuesday.
The facility being made in a joint venture with Samsung SDI will have an initial annual production capacity of 23 gigawatt hours, though the companies have an aim to increase that to 33 gigawatt hours, which could push the investment to $3.1 billion. Construction is set to begin later this year, and the plant will launch in the first quarter of 2025.
Confirmation of the investment in Indiana means Michigan has failed to win any battery plants from the transatlantic automaker's first round of gigafactory investments. An automotive gold rush for megasites making EVs, batteries and related parts has fueled announcements mostly in states and provinces other than the home of the city that put America on wheels — even from its hometown automakers.
