$3.2 billion electric vehicle battery plant coming to Kokomo
A second multi-billion-dollar electric vehicle battery plant is coming to Kokomo.
Stellantis and Samsung SDI will invest over $3.2 billion in a battery manufacturing facility, Gov. Eric Holcomb announced, right next door to the $2.5 billion factory announced in May 2022.
Together, the two plants are estimated to create 2,800 jobs.
“Indiana’s economy is on a roll,” Holcomb said in a statement. “Today’s commitment from Stellantis and Samsung SDI will double the capital investment, the new jobs created, and the impact this joint venture will have on Kokomo and the state of Indiana for decades to come. This decision puts Hoosiers squarely at the center of innovating and developing the future of mobility, catalyzing Indiana’s leadership position in tomorrow’s global economy.”
The first StarPlus Energy gigafactory is under construction and is expected to start production in early 2025. The second is expected to launch in 2027.
Stellantis, like many other auto companies, is rapidly transitioning to an electric fleet. The company says its goal is to have half of its car sales be electric by 2030. The company employs 7,000 people in Indiana.
The Indiana Economic Development Corp. offered $176.5 million worth of performance-based incentives in the form of tax credits, training grants and performance payments, conditional on Stellantis actually making the promised investments and employee hires.
The announcement comes after the IEDC asked for and received $120 million in deal closing funding from a state panel in August for a $3.2 billion mystery auto manufacturing facility in north central Indiana. At the time, some Democratic lawmakers criticized the agency for not giving more information about the project.
Holcomb recently met with Stellantis and Samsung SDI executives in South Korea during an August 2022 visit.
More: 'Good pandemonium' as Indiana races toward plans for a new era of electric vehicles
The news comes at a time when Stellantis is under a bright national spotlight. Across the U.S., about 25,000 members of the United Auto Workers are on strike against the "Big Three" automakers, which are Stellantis, General Motors and Ford. No Indiana facilities have been called to join the strike yet.
Contact IndyStar state government and politics reporter Kayla Dwyer at kdwyer@indystar.com or follow her on Twitter @kayla_dwyer17.
Contact reporter Claire Rafford at crafford@gannett.com or 317-617-3402.
This article originally appeared on Indianapolis Star: Stellantis $3.2B battery plant coming to Kokomo, will bring 1,400 jobs
