LG Energy, Stellantis to Construct $4.1 Billion EV Battery Plant in Canada
According to a report by Tesla North, Stellantis N.V. and LG Energy Solution will be building a new electric vehicle battery factory in Windsor, Ontario, with the joint venture expected to cost nearly US $4.1 billion.
The new EV battery manufacturing facility in Canada will supply lithium-ion batteries for Stellantis factories in Windsor and across North America, and is expected to open in 2025.
The announcement was made earlier today by the federal government and provincial government in Ontario, highlighting that the factory is expected to create 2,500 “well-paying jobs”.
“Today’s announcement is great news for Canadian jobs and the future of Canada’s economy,” said François-Philippe Champagne, Minister of Innovation, Science and Industry. “We are seeing the largest investment in Canada’s auto sector, and it is clear that companies recognize Canada’s strong position as a global leader for EV battery manufacturing.”
“LG Energy Solution, together with Canada and Stellantis, aspires to become the world’s leading battery manufacturer by powering EVs in North America,” added Youngsoo Kwon, CEO of LG Energy Solution.
“We are grateful to the municipal, provincial and federal levels of government for their support and commitment to help position Canada as a North American leader in the production of electric vehicle batteries,” said Carlos Tavares, CEO of Stellantis.
The factory will have an annual production capacity of over 45 gigawatt hours.