Stellantis, LG Energy form $4.1 billion battery JV in Canada

Stellantis, LG Energy form $4.1 billion battery JV in Canada

Bloomberg: LG Energy Solution and Stellantis NV said they will invest more than $4.1 billion in a joint venture to build a new electric-vehicle battery plant in Windsor, Canada.

The 40 gigawatt-hour plant, which will be operational in 2025, will supply Stellantis’ assembly plant in Windsor and others across North America, the companies said in a statement Wednesday. The South Korean battery maker will invest about $1.5 billion, it disclosed in a filing in Korea earlier.

“Our joint venture with LG Energy Solution is yet another stepping stone to achieving our aggressive electrification roadmap in the region aimed at hitting 50% of battery electric vehicle sales in the US and Canada by the end of the decade,” Stellantis Chief Executive Officer Carlos Tavares said.