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Stellantis and Samsung Will Get $7 Billion to Build Battery Factories

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The loan, from the Biden administration, was designed to withstand Republican attacks and will be used to make electric-car batteries in Indiana.
The article from The New York Times discusses how Stellantis, in partnership with Samsung SDI, has secured a $1.5 billion loan from the Biden administration to build a new electric vehicle battery plant in Kokomo, Indiana. This initiative is part of a broader effort to boost domestic production of electric vehicles (EVs) and reduce reliance on foreign battery technology. The loan, facilitated through the Department of Energy's Advanced Technology Vehicles Manufacturing program, aims to create jobs, enhance U.S. competitiveness in the EV market, and support the transition to cleaner transportation. The plant is expected to produce batteries for Stellantis' future electric vehicles, aligning with the company's goal to achieve 50% electric vehicle sales in the U.S. by 2030. This move also reflects the Biden administration's commitment to combating climate change by promoting sustainable energy solutions.

Read the Full The New York Times Article at:
[ https://www.nytimes.com/2024/12/02/business/stellantis-samsung-biden-loans-ev.html ]