SEOUL—Stellantis and LG Energy Solution announced plans to invest more than $4.1 billion to build a battery plant in Canada.
The companies plan to build the factory in Ontario, where they will produce lithium-ion battery cells and modules for Stellantis’ electric vehicles, which will be shipped to North American markets. The new facilities would have an annual production capacity of more than 45 gigawatt-hours (GWh) and would be operational in the first quarter of 2024, creating 2,500 jobs.
“Our joint venture with LG Energy Solution is yet another stepping stone to achieving our aggressive electrification roadmap in the region, aimed at hitting 50 percent of battery electric vehicle sales in the U.S. and Canada by the end of the decade,” says Stellantis CEO Carlos Tavares.
Stellantis is the world’s fourth-largest automaker, and LG Energy Solution is the No. 2 manufacturer of electric vehicle batteries globally. The two have teamed up to serve the EV market.
Last year, the two companies announced a plan to construct a battery factory with a capacity of 40 GWh in the United States, with a completion date in 2024.