Asian Tech Press (OCT 22) -- South Korea's Samsung SDI announced Friday that it had reached an agreement with Stellantis, the world's fourth-largest car company, to form a joint venture plant in the United States to produce EV battery packs and modules.

The company said in a statement that it plans to launch the plant in the first half of 2025, with an initial annual battery capacity of 23 gigawatt-hours (GWh). The joint venture's annual battery production capacity could increase to 40gwh in the future, powering about 670,000 electric vehicles. Batteries from the plant will be supplied to Stellantis' plants in the U.S., Canada and Mexico. The site for the plant is under evaluation.