By David Sachs

Stellantis said Monday that it has a deal with Samsung SDI to build a second battery factory in the U.S. for an undisclosed sum.

The Netherlands-based car maker whose brands include Jeep and Dodge said it has a memorandum of understanding with the South Korean battery manufacturer to build the plant to fuel its transition to fully electric vehicles.

Stellantis said the factory is scheduled to start manufacturing in early 2027 and will have an initial annual production capacity of 34 gigawatt hours.

The electric-vehicle battery plant, known as a "gigafactory," is the second such partnership between the two companies. Stellantis and Samsung SDI are currently building a gigafactory in Kokomo, Indiana, with a production launch date expected in early 2025, the car maker said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

July 24, 2023 01:40 ET (05:40 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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