Samsung SDI and Stellantis partners to produce electric vehicle batteries for North America.
Samsung SDI Co Ltd is a South Korean battery maker and an affiliate of Samsung Electronics. The company has plants in South Korea, Hungary, and China and supply to BMW and Ford Motor.
Stellantis is one of the world’s leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable, and reliable mobility solutions.
“The two companies (Samsung SDI and Stellantis) have struck an MOU (memorandum of understanding) to produce EV batteries for North America,” a source told.
The location for the joint venture is still under review and would be announced later.
Recently, Stellantis N.V. partnered with LG Energy Solution to form a joint venture to produce battery cells and modules for North America.
As of 0300 GMT, the shares of Samsung SDI were up 2.6% versus a 0.6% rise in the KOSPI benchmark index.
