Automaker Stellantis (NYSE:STLA) and South Korean battery maker LG Energy unveil plans to spend more than C$5B (US$4.1B) in a joint venture that will include the first large-scale lithium-ion battery production plant in Canada.
The companies say the plant aims to have an annual production capacity of at least 45 GWh and will create an estimated 2,500 new jobs in Windsor and the surrounding areas.
LG Energy says it will spend $1.46B to buy a 51% stake in the JV and $637M to guarantee debt and support its credit line.
Stellantis has set a goal for battery electric vehicles to comprise 50% of its passenger car and light-duty truck sales mix in North America by 2030.
Stellantis also announced plans to transforming its Termoli plant in Italy to a new battery facility and add Mercedes-Benz as a new, equal partner with TotalEnergies.