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Stellantis and LG Energy announce a joint venture battery plant in Canada

Stellantis and LG Energy Solution (LGES) have signed a binding, final agreement to establish Canada’s first large-scale, electric vehicle battery factory.

The joint venture company manufactures lithium-ion battery cells and modules to meet “a significant portion” of Stellantis automotive manufacturing requirements in North America.

JV will spend 5 billion CAD ($ 4.1 billion) to establish operations, including a battery manufacturing plant in Windsor, Ontario. Construction of the plant will begin later this year, with production launching in the first quarter of 2024.

The plant will have an annual production capacity of 45 gigawatt hours (GWh) and will create approximately 2,500 new jobs. Each municipal, provincial, and federal level of government in Canada has agreed to “fully support” JV.

There are other auto plants in Windsor, such as Ford and Stellantis, and LGES expects the battery plant to act as a catalyst to build a strong supply chain for batteries in the region.

Canada is committed to establishing a battery industry and claims to be a leader in the production of electricity from renewable sources such as hydro.

Stellantis and LG Energy announce a joint venture battery plant in Canada

Source link Stellantis and LG Energy announce a joint venture battery plant in Canada

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