Stellantis and L.G Energy Solution announced that the two companies have entered into a memorandum of understanding to form a joint venture to produce battery cells and modules for North America. The joint venture will establish a new battery manufacturing facility that will support the Stellantis goal of having more than 40% of its U.S. sales of electrified vehicles by 2030. Slated to begin by the first quarter of 2024, the plant is expected to have an annual production capacity of 40 gigawatt hours. Batteries produced at the plant will be supplied to Stellantis assembly plants throughout Canada, the U.S and Mexico for installation in vehicles ranging from plug-in hybrids to full battery electric vehicles sold under the Stellantis family of brands. “Today’s announcement is further proof that we are deploying our aggressive electrification road map and are following through on the commitments we made during our EV Day event in July,” said Carlos Tavares, CEO of Stellantis. “With this, we have now determined the next ‘gigafactory’ coming to the Stellantis portfolio to help us achieve a total minimum of 260 gigawatt hours of capacity by 2030. The location of the new facility is under review with groundbreaking exected to take place in the second quarter of 2022.