Stellantis (NYSE:STLA) stock is on the move Monday after the vehicle manufacturer announced plans for a second U.S. battery factory.
According to a press release from Stellantis, the firm is working alongside Samsung SDI to set up another battery factory under the StarPlus Energy joint venture. The goal is to have this factory up and running in 2027 with a starting annual production capacity of 34 gigawatt-hours (GWh).
Carlos Tavares, CEO of Stellantis, said this about the battery factory announcement:
“This new facility will contribute to reaching our aggressive target to offer at least 25 new battery-electric vehicles for the North American market by the end of the decade […] We are continuing to add more capacity in the United States together with our great partner Samsung SDI and laying the next steps to reaching our carbon neutrality commitment by 2038.”
Stellantis’ Big Battery Push
Investors will also remember that Stellantis announced plans for its first battery factory in the United States last year. The company expects this plant to open in 2025 with a planned initial production of 23 GWh per year.
Stellantis says that its first battery factory will be located in Kokomo, Indiana and that development is already underway. However, the company has yet to set a location for the second battery factory that was announced today. Instead, it said it will reveal the factory’s location at a later date.
Today’s news brings with it some 536,000 shares of STLA stock changing hands. For comparison, the company’s daily average trading volume is about 4 million shares. With this comes a 1.3% increase for STLA stock on Monday morning. That builds on a 27.4% increase since the start of the year.
Investors looking for even more of the most recent stock market news are going to want to keep reading!
We have all of the latest stock market news that traders need to know about on Monday! A few examples include why shares of Shopify (NYSE:SHOP) stock, Tesla (NASDAQ:TSLA) stock and AMC Entertainment (NYSE:AMC) stock are moving today. All of that news is available by checking out the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
