By Joshua Kirby 
 

Auto maker Stellantis NV is partnering with South Korea's LG Energy Solution on a new plant making electric-vehicle batteries for the North American market, the companies said Monday.

The companies have signed a memorandum of understanding for the joint venture, which will produce lithium-ion battery cells and modules. The plant should have production capacity of 40 gigawatt hours annually when it begins production in the first quarter of 2024.

Batteries produced at the plant will be used at Stellantis assembly facilities in the U.S., Canada and Mexico, and will be fitted into vehicles across Stellantis's brands and models.

The venture will help the auto maker achieve its goal of electric vehicles making up 40% of its U.S. sales by 2030, the companies said.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

October 18, 2021 01:54 ET (05:54 GMT)

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