Stellantis, LG Energy Solution to invest $4.1 billion in Canadian EV battery plant

Stellantis,  LG Energy Solution to invest .1 billion in Canadian EV battery plant


Chris Feuell, CEO of Chrysler brand of Stellantis, introduces the all-electric Chrysler Airflow Concept vehicle during a Stellantis press event at CES 2022 at the Las Vegas Convention Center on January 5, 2022 in Las Vegas, Nevada.

Alex Wong | Getty Images

DETROIT – Automaker Stellantis and LG Energy Solution will invest about $4.1 billion through a joint venture to establish the first large-scale, domestic, electric vehicle battery manufacturing facility in Canada, the companies announced Wednesday.

Construction of the plant in Windsor, Ontario is scheduled to begin later this year with operations planned to launch in the first quarter of 2024, according to the transatlantic automaker. Once fully operational, the plant is expected to have an annual production capacity of more than 45 gigawatt hours and will create an estimated 2,500 new jobs, Stellantis said.

The new plant is part of the automaker’s plans to accelerate its EV investment to achieve sales of 5 million EVs globally by 2030. That includes all sales in Europe and 50% of passenger car and light-duty truck sales in North America.

The announcement is the latest for automakers regarding battery plants, also known as gigafactories, as the companies attempt to pivot to all-electric vehicles during this decade. Nearly every major automaker globally has announced such plans, including allocating billions to the production of batteries – the most critical component for such vehicles.

Stellantis – the world’s fourth-largest automaker – was formed in January 2021 by the merger of Fiat Chrysler and France-based Groupe PSA. It has 14 individual auto brands, including Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Peugeot.



Source

Shares of department store Kohl’s surge 30% in wild trading
Business

Shares of department store Kohl’s surge 30% in wild trading

A Kohl’s store in Pleasant Hill, California, US, on Monday, Nov. 25, 2024. Kohl’s Corp. is expected to release earnings figures on November 26. Bloomberg | Bloomberg | Getty Images Shares of Kohl’s surged on Tuesday morning in volatile trading that echoed the meme stock rallies of recent years. The legacy department store’s stock more […]

Read More
Coca-Cola will roll out cane sugar version of namesake soda in the U.S. this fall
Business

Coca-Cola will roll out cane sugar version of namesake soda in the U.S. this fall

A man walks past shelves of Coca-Cola bottles and cans at a shopping mall in Lagos, Nigeria November 5, 2019. Temilade Adelaja | Reuters Coca-Cola plans to introduce a version of its namesake cola made with cane sugar in the U.S. this fall, the company announced on Tuesday. Coke has used high-fructose corn syrup to […]

Read More
Kim Kardashian’s Skims deepens women’s sports ties with volleyball league deal
Business

Kim Kardashian’s Skims deepens women’s sports ties with volleyball league deal

Skims is teaming up with League One Volleyball. Skims Skims is deepening its ties in women’s sports with a new partnership in League One Volleyball. The popular undergarments brand started by star Kim Kardashian and Swedish entrepreneur Jens Grede will become the official loungewear, intimates and sleepwear partner of the emerging volleyball league. They did […]

Read More