Stellantis and Samsung SDI have secured a $6.85 billion loan to build two battery factories in Kokomo, Indiana. This funding, provided by the Biden administration, is part of efforts to boost domestic electric vehicle (EV) battery production and reduce dependence on foreign countries like China.
1. Purpose of the Loan: The loan will finance the construction of two battery plants by StarPlus Energy, a joint venture between Samsung SDI and Stellantis.
2. Job Creation: Once operational, the plants will employ 2,800 people, and during construction, 3,200 workers will be involved.
3. Battery Production Capacity: The plants will have the capacity to produce batteries for 670,000 vehicles annually.
4. Boosting Domestic Manufacturing: This project aims to significantly increase EV battery production in North America, reducing the U.S.'s reliance on China.
This move is part of the Biden administration's push to increase domestic manufacturing of EV batteries and lessen the nation's dependence on foreign suppliers.
