Benzinga | Oct 22, 2021 06:48AM EDT

Stellantis, Samsung SDI Collaborate To Produce EV Battery For North America

* Stellantis NV (NYSE:STLA) and Samsung SDI Co Ltd (OTC:SSDIY) agreed to form a joint venture to produce battery cells and modules for North America as planned.

* Targeted to start in 2025, the plant intends to have an initial annual production capacity of 23-gigawatt hours, with the ability to increase up to 40-gigawatt hours in the future. The location of the new facility is currently under review.

* "With the forthcoming battery plants coming online, we will be well-positioned to compete and ultimately win in the North American electric vehicle market," Stellantis CEO Carlos Tavares said.

* Stellantis plans to invest over (euro)30 billion through 2025 in electrification and software development.

* Price Action: STLA shares closed higher by 0.46% at $19.67 on Thursday.