Samsung currently has EV battery plants in South Korea, China and Hungary, supplying customers of BMW and Ford.
Seoul – South Korean Battery maker Samsung SDI Co Ltd and global automaker Stelantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday.
Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, supplying customers such as BMW and Ford Motor.
“The two companies (Samsung SDI and Stelantis) have entered into a memorandum of understanding (memorandum of understanding) to produce EV batteries for North America,” a person with knowledge of the matter told Reuters. The source spoke on condition of anonymity given the sensitivity of the matter.
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The person said the location of the battery joint venture is being reviewed and will be announced later. In July, Reuters reported that Samsung SDI may be building a battery plant in the United States, citing a company source.
South Korea’s Yonhap news agency previously reported that both companies are planning to build a factory in the United States, citing industry sources.
Samsung SDI and Stelantis did not immediately comment when reached by Reuters.
Stelantis on Monday struck an initial deal with battery maker South Korea’s LG Energy Solutions (LGES) to produce battery cells and modules for North America.
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In July, Reuters reported that Samsung SDI may be building a battery plant in the United States, citing a company source.
Shares of Samsung SDI were up 2.6% as of 0300 GMT, while the KOSPI benchmark index gained 0.6%.