Stellantis and LG launch joint venture for North American battery plant

Asia's Tech News Daily

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world’s No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan.

Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines.

Stellantis and LGES’s joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided.

The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later.

Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France’s PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030.

The batteries produced under the deal will supply Stellantis’ U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030.

The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup.

Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States.

Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis’ electrification process.

It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells.

Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026.

Related video:

Stellantis and LG launch joint venture for North American battery plant originally appeared on Autoblog on Mon, 18 Oct 2021 08:55:00 EDT. Please see our terms for use of feeds.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Heavy downpours, gale-force winds pummel George and other Western Cape towns

© Provided by 702 Heavy rain and gale-force winds pummelled towns across the Western Cape over the weekend, resulting in damaged homes and infrastructure. In Oudtshoorn, the roofs of several ... Read more »

Little Mix announces hiatus after 10 years together

© Provided by Independent Online (IOL) Pop group Little Mix have announced they will be “taking a break” after their tour concludes next year, following 10 years together. The “Sweet ... Read more »

UK: Plug-In Car Sales Reach 28% Share In November 2021

© InsideEVs Tesla Model 3 Tesla Model 3 was the third most registered model of the month. The passenger car market in the UK finally noted some year-over-year increase, after ... Read more »

Acura To Skip Hybrids As It Goes All-In On Electric Vehicles

First Look At The All-Electric Acura NSX-Inspired EV Concept Ahead Of Pikes Peak Acura EV Concept Acura EV Concept Acura EV Concept Acura EV Concept © InsideEVs Acura 4-Motor EV ... Read more »

Here are 10 of the most cosy pubs to visit in Edinburgh this Winter and Christmas time

© Edinburgh’s best cosy pubs to hunker down in this winter and Christmas (Getty Images via Canva Pro) If there’s one thing the Capital has in abundance, it’s cosy pubs. ... Read more »

Mcdonald's is selling 99p Quarter Pounder with Cheese™ today only

© Provided by Daily Mail MailOnline logo McDonald’s is selling Quarter Pounders with Cheese for just 99p today as a limited-time deal. The burger usually costs £4.69, meaning customers are saving ... Read more »

Holly Willoughby gobsmacked as James Martin spills secret to perfect mash potato recipe

Holly Willoughby was left gobsmacked during Monday’s This Morning when she realised what James Martin uses in his mashed potato recipe. The mum-of-three and her co-host Phillip Schofield invited the ... Read more »

G-Power lleva los BMW M3 y M4 Coupé hasta los 700 CV

G-Power BMW G4M Bi-Turbo y BMW G3M Bi-Turbo G-Power BMW G4M Bi-Turbo y BMW G3M Bi-Turbo G-Power BMW G4M Bi-Turbo y BMW G3M Bi-Turbo G-Power BMW G4M Bi-Turbo y BMW ... Read more »

Buthelezi tests positive for COVID-19 again

© Provided by eNCA JOHANNESBURG – IFP founder and President Emeritus Mangosuthu Buthelezi has again tested positive for COVID-19. His family says the 93-year-old is relatively asymptomatic and in good ... Read more »

IOL Sport breaks down an action packed week of DStv Premiership action

© Provided by Independent Online (IOL) Cape Town — The DStv Premiership will be in full swing this mid-week with two matches on Tuesday and a blockbusting six games on ... Read more »

Kaizer Chiefs latest: Still no clarity on Arrows fixture

© Provided by The South African Kaizer Chiefs did NOT honour their Saturday’s league fixture against Cape Town City after announcing that 31 of their employees recently tested positive for Covid-19, which forced the ... Read more »

US: Volvo Recharge Sales Up 42% In November 2021 Thanks To BEVs

© insideEvs.com Copyright Volvo XC40 Recharge Plug-ins account for 22.3% share nationwide and 59% in California. Volvo reports 7,667 car sales in the U.S. in November, which is down 33.8% ... Read more »

Zendaya and Tom Holland Walk Their First Red Carpet Together Since Confirming Their Relationship

© Gareth Cattermole/Getty Images Tom Holland and Zendaya are going public about their romance in a big way! On Sunday, the couple posed together on the red carpet for the ... Read more »

Ramaphosa's tour: South Africa to lift visa restrictions for Ghana, Kenya in bid to boost trade

Tricky visa rules have come up frequently during President Cyril Ramaphosa’s West Africa tour, along with gripes about South Africa’s many regulations making it difficult to do business here, while ... Read more »

"I'm The Poster Boy For Everything Wrong With This Country"

Following multiple controversial episodes, there has been mounting backlash against Podcast and Chill with MacG. And after a long silence, he finally came out to tell his detractors that he ... Read more »

Zinhle Reportedly Betrayed By Her Employee

DJ Zinhle is reportedly a victim of cyber crime after an employee of hers allegedly stole R500 000 from her bank account. If you my recall on one of Zinhle’s ... Read more »

Jennifer Lawrence made her red-carpet return in a sparkling gold gown with a sheer cape

© Taylor Hill/FilmMagic Jennifer Lawrence attends the world premiere of Netflix’s “Don’t Look Up” at Jazz at Lincoln Center in New York City. Taylor Hill/FilmMagic Jennifer Lawrence wore a golden ... Read more »

Toyota Kirloskar Motor ties up with Karnataka Bank to introduce finance options for customers

© Aditya Nadkarni Toyota Kirloskar Motor ties up with Karnataka Bank to introduce finance options for customers – The finance options will be available to customers, including those covered under ... Read more »

2022 Mazda CX-5 priced at $27,125

Mazda’s U.S. best-selling CX-5 crossover received a suite of updates for the 2022 model year. One of the biggest changes is Mazda adding its i-Active all-wheel drive as standard to ... Read more »

Can Ford become the world's second-biggest electric car maker in just two years?

© Provided by Independent Online (IOL) Dearborn, Michigan – Ford is hoping to become the world’s second biggest maker of electric vehicles in just two years from now, a top ... Read more »

PSL remains silent on Kaizer Chiefs' predicament after 31 positive Covid cases

© Copyright (c) Daily Maverick , All Rights Reserved There were five DStv Premiership matches over the past weekend, with three ending in stalemates and two ending with winners. Defending ... Read more »

Cricket SA grants SJN another extension to deliver report

© Provided by Independent Online (IOL) Johannesburg — Another day, another extension for the Cricket SA’s Social Justice and Nation Building report, which will now be delivered to CSA’s Board ... Read more »

Arsenal tipped to complete radical striker overhaul; Aubameyang queue forms

© PA Images Arsenal striker Pierre-Emerick Aubameyang applauding the fans 2021 A quintet of European heavyweights are eyeing Pierre-Emerick Aubameyang after a shock report stated even he could be moved ... Read more »

Marko overruled again in Hamilton penalty bid

© PA Images Christian Horner and Helmut Marko hands on hips planetF1 Helmut Marko appears to have been overruled for a second time in Saudi Arabia by Red Bull over ... Read more »

Consumers want labels on meat and dairy products detailing animal welfare

© Getty Images/iStockphoto iStock-902847778.jpg Consumers would like to see labels on meat and dairy products in supermarkets that would indicate how the animals were reared and slaughtered, new research has ... Read more »

North West wins men and women's Vodacom Wheelchair Basketball Challenge title

© Provided by Eyewitness News North West dominated the Vodacom Wheelchair Basketball Challenge winning both the men’s and women’s finals at the Vodacom Mandeville Indoor Sports Centre. Picture:Barry Aldworth. JOHANNESBURG ... Read more »

Making meaningful business change through ESG

© Provided by 702 In a world of numbers and high-powered deals, it’s easy to neglect the human side of business. To thrive, we need to do more than talk. ... Read more »

Ford Bronco Raptor taken for a dirty spin on video

Last month we got still images of the coming Ford Bronco Raptor taken at an off-road track. This month we get a three-minute video of the Bronco Raptor running circles ... Read more »

Lucid gets SEC subpoena for $24-billion blank-check deal

The U.S. securities regulator has asked Lucid Group for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for ... Read more »

Bonnets & Boots: In this week's podcast we take a look at the best affordable SUVs

© Provided by Independent Online (IOL) Bonnets & Boots: Episode 4 now live Johannesburg – In the fourth episode of the IOL Motoring podcast, we take a look at the ... Read more »

RECIPES: Cold soups to enjoy on hot summer days

© Provided by Independent Online (IOL) Nothing is more refreshing than a chilled soup for a meal when the sun is out. A chilled soup can be an appetizer for ... Read more »

Virat Kohli gives India youngsters passing grades

© PA Images Virat_Kohli_sunglasses.jpg India skipper Virat Kohli has been pleased with what he has seen from youngsters Mayank Agarwal, Mohammad Siraj and Axar Patel in the recently concluded series ... Read more »

21 begin trial in Madagascar over alleged coup plot

© bertrand GUAY The plot allegedly included plans to assassinate President Andry Rajoelina Twenty-one people, including two Frenchmen, went on trial in Madagascar on Monday accused of a plot to ... Read more »

Eskom wins tariff battle against Nersa

© Gianluigi GUERCIA / AFP JOHANNESBURG – Eskom has won a tariff battle against energy regulator Nersa. The High Court has ordered Nersa to process and consider Eskom’s revenue application ... Read more »

Suspects in Durban court for kidnapping 4-year-old

© SAPS/facebook.com A gavel. DURBAN – The case involving four suspects accused of kidnapping a four-year old girl for ritual purposes in Durban has been postponed to next week. The ... Read more »

Kamui Kobayashi named Toyota WEC squad team principal

© Toyota Racing #7 Toyota Gazoo Racing Toyota GR010 – Hybrid: Kamui Kobayashi Kobayashi, it has emerged, is a replacement for outgoing team president Hisatake Murata, who was reassigned to ... Read more »

Skoda Octavia WRC (1999): el acceso al Olimpo de los rallies

Skoda Octavia WRC (1999) Skoda Octavia WRC (1999) Skoda Octavia WRC (1999) Skoda Octavia WRC (1999) © Motor1.com Copyright Skoda Octavia WRC (1999) Aunque el veloz modelo checo nunca consiguió ... Read more »

Springbok Sevens end the year as number 1 after winning Dubai Sevens

© @Blitzboks/Twitter The SA Sevens rugby team in action. CAPE TOWN – The Blitzboks end the year atop the HSBC World Rugby Sevens Series standings after they clinched the Dubai ... Read more »

Iran says hopes to turn page in ties with UAE

© Atta KENARE Sheikh Tahnoun bin Zayed Al-Nahyan, the United Arab Emirates’ National Security Adviser, paid a rare visit Monday to Tehran at the invitation of Ali Shamkhani (R), secretary ... Read more »

Germany: Greens face decision day on post-Merkel coalition deal

© Provided by dw.com The new ‘traffic-light’ coalition is promising a progressive program after 16 years of center-right led government Germany’s environmentalist Greens are to announce on Monday the result ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic