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HomeAutomobileStellantis, LG to speculate $4.1 billion in Canadian EV battery plant

Stellantis, LG to speculate $4.1 billion in Canadian EV battery plant

Chris Feuell, CEO of Chrysler model of Stellantis, introduces the all-electric Chrysler Airflow Idea car throughout a Stellantis press occasion at CES 2022 on the Las Vegas Conference Heart on January 5, 2022 in Las Vegas, Nevada.

Alex Wong | Getty Photos

DETROIT – Automaker Stellantis and LG Vitality Resolution will make investments about $4.1 billion by a three way partnership to determine the primary large-scale, home, electrical car battery manufacturing facility in Canada, the businesses introduced Wednesday.

Building of the plant in Windsor, Ontario is scheduled to start later this yr with operations deliberate to launch within the first quarter of 2024, in accordance with the transatlantic automaker. As soon as totally operational, the plant is predicted to have an annual manufacturing capability of greater than 45 gigawatt hours and can create an estimated 2,500 new jobs, Stellantis stated.

The brand new plant is a part of the automaker’s plans to accelerate its EV investment to realize gross sales of 5 million EVs globally by 2030. That features all gross sales in Europe and 50% of passenger automotive and light-duty truck gross sales in North America.

The announcement is the newest for automakers concerning battery crops, often known as gigafactories, as the businesses try and pivot to all-electric autos throughout this decade. Almost each main automaker globally has introduced such plans, together with allocating billions to the manufacturing of batteries – probably the most vital part for such autos.

Stellantis – the world’s fourth-largest automaker – was shaped in January 2021 by the merger of Fiat Chrysler and France-based Groupe PSA. It has 14 particular person auto manufacturers, together with Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Peugeot.

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