Global No. 4 automaker active in forging partnerships
Stellantis is trying to catch up with its competitors in the promising electric vehicle market by joining hands with South Korean battery manufacturers.
LG Energy Solution, South Korea’s top battery producer, said early this week that it will build 40GWh factories together with Stellantis in North America.
The new facilities will start to churn our battery cells and modules during the first period of 2024 for the U.S., Canada, and Mexico markets.
“Today’s announcement is further proof that we are deploying our aggressive electrification road map and are following through on the commitments we made during our EV Day in July,” Stellantis CEO Carlos Tavares said.
“Together, we will lead the industry with benchmark efficiencies and deliver electrified vehicles that ignite passion.”
Stellantis was launched this year through the merger of Fiat Chrysler Automobiles and the French PSA Group. They have various brands, including Chrysler, Jeep, Fiat, Peugeot, and Maserati.
LG Energy Solution CEO Kim Jong-hyun responded that the joint venture with Stellantis would be a monumental milestone in the long-standing two-way partnership.
“LG Energy Solution will position itself as a provider of battery solutions to our prospective customers in the region by utilizing our collective, unique technical skills and mass-producing capabilities,” he said.
Of note is that Korean media outlets reported the partnership between Stellantis and Samsung SDI, an affiliate of tech giant Samsung Electronics.
Samsung SDI did not confirm the news.
“It seems quite certain that Stellantis also teamed up with Samsung SDI, on top of LG Energy Solution. In my view, Stellantis works really hard to make its presence felt in the electric vehicle market,” Prof. Kim Pil-soo from Daelim University said.