South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday.
Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics (005930.KS), already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford Motor.
“The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America,” the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter.