Stellantis making Indiana announcement; may be battery plant

By AP News

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DETROIT (AP) — Automaker Stellantis has scheduled an announcement for Tuesday in Kokomo, Indiana, for what could be the company's second North American electric vehicle battery factory.

DETROIT (AP) — Automaker Stellantis has scheduled an announcement for Tuesday in Kokomo, Indiana, for what could be the company's second North American electric vehicle battery factory.

The company said it will give an update on the future of its Kokomo operations at an Indiana community college on Tuesday afternoon.

Stellantis, formed last year with the merger of Fiat Chrysler and France's PSA Peugeot, has said it will build two electric vehicle battery factories in North America. In March it announced plans to spend $4.1 billion in a joint venture with LG Energy Solution of Korea to build one of the plants in Windsor, Ontario. The plant will employ about 2,500 people. The other North American location has not been disclosed.

Company spokeswoman Shawn Morgan would not comment on what will be announced Tuesday in Kokomo.

The world's fourth-largest automaker has announced plans to sell 5 million electric vehicles by 2030, with 50% of its North American passenger car and light truck sales going fully electric by 2030. Stellantis plans to sell only electric passenger cars in Europe by 2030.

An advisory issued by the company Monday says Stellantis Chief Operating Officer Mark Stewart will attend Tuesday's ceremony at Ivy Tech Community College in Kokomo, along with Indiana Gov. Eric Holcomb.

Stellantis in October announced plans to spend nearly $230 million to retool three Kokomo-area factories so they can produce transmission systems that work with both traditional gasoline-powered vehicles and gas-electric hybrid versions.

In 2020 it announced spending of $400 million to convert its Indiana Transmission Plant II in Kokomo into an engine factory.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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