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Stellantis and LG form new joint venture for EV battery production

Future cars from Stellantis will run with power from LG Energy Solutions, much like General Motors.

Stellantis logo and sign
Stellantis and LG are buddying up.

Stellantis charted its electric future with a Monday announcement declaring LG Energy Solutions is the automaker's new joint venture partner for EV battery production. The two will build and operate battery production facilities in North America, with the first slated to come online in 2024.

The memorandum of understanding covers battery cell and module production in North America, though Stellantis didn't say where this plant will call home. That important detail will come later ahead of breaking ground at the site in the second quarter of 2022. When complete, the facility will be responsible for 40 gigawatt hours' worth of energy production. That's a sliver of CEO Carlos Tavares' goal of 230 gigawatt hours by 2030, so expect more of these plants to pop up in the years to come around the world.

The new JV dates back to ties Fiat Chrysler Automobiles forged when selecting LG to supply batteries for the Chrysler Pacifica plug-in hybrid. The future batteries will more than likely make their way to the confirmed Ram electric pickup truck, slated for 2024, and perhaps Dodge's electric muscle car. Stellantis has far more EVs coming, though, as it looks to pick up the pace compared to crosstown rivals, General Motors and Ford. Both also operate JVs; GM has a number of battery plants under construction with LG, while Ford selected SK Innovation for its own operation.