- Stellantis (NYSE:STLA) will return to construction on its electric vehicle battery gigafactory in Windsor, Ontario
- Stellantis is working in a joint venture with LG Energy Solution to establish the first large scale, domestic, electric vehicle battery manufacturing facility in Canada
- With the battery manufacturing plant located in Windsor, home to Canada’s largest automotive cluster, the joint venture companies expect the plant to serve as a catalyst for the establishment of a strong battery supply chain in the region
- Stellantis opened trading at US$17.38 per share
Stellantis (NYSE:STLA) has worked out a deal so it will return to construction on its electric vehicle battery gigafactory in Windsor, Ontario.
The automaker reached a deal with the federal and Ontario governments following more than a month of negotiations after Stellantis decided to stop building the plant, accusing the federal government of not delivering on its promises and threatening to move the plant elsewhere.
Stellantis is working in a joint venture with LG Energy Solution to establish the first large-scale, domestic, electric vehicle battery manufacturing facility in Canada.
The joint venture company will produce leading edge lithium-ion battery cells and modules to meet a significant portion of Stellantis’ vehicle production requirements in North America.
The joint venture company will invest more than C$5 billion to establish operations, which will include the battery manufacturing plant.
Production operations plan to launch by Q1 2024. The plant aims to have an annual production capacity in excess of 45 gigawatt hours (GWh).
With the battery manufacturing plant located in Windsor, home to Canada’s largest automotive cluster, the joint venture companies expect it to serve as a catalyst for the establishment of a strong battery supply chain in the region.
Stellantis, formerly Fiat Chrysler Automobiles N.V., is a holding company based in the Netherlands and operates as an automaker and a mobility provider. The company is engaged in designing, engineering, manufacturing, distributing and selling vehicles, components, and production systems. The company has industrial operations in more than 30 countries and sells its vehicles directly or through distributors and dealers in more than 130 countries. The company designs, manufactures, distributes, and sells vehicles for the mass-market under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia and Ram brands. In addition, the company designs, manufactures, distributes, and sells luxury vehicles under the Maserati brand. The Company’s brand portfolio also includes Peugeot, Citroen, DS Automobiles, Opel and Vauxhall.
Stellantis opened trading at US$17.38 per share and its shares have risen 41.6 per cent since this time last year.
Join the discussion: Find out what everybody’s saying about this stock on the Stellantis Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.