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Stellantis plans to invest US$18.9 billion in the United States and will spend US$3.2 billion to build a new battery factory – Finance – Financial Industry


Stellantis plans to invest US$18.9 billion in the United States and will spend US$3.2 billion to build a new battery factory

2023-11-03 17:51:24

Xia Junxiong, Financial Association

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Financial Associated Press, November 3 (Editor Xia Junxiong) On Thursday (November 2) local time, the United Auto Workers (UAW) stated that Stellantis plans to invest US$18.9 billion in the United States during the period of the new labor agreement, including investment in $3.2 billion to build a new electric vehicle battery factory in Illinois.

Recently, the UAW announced a new labor agreement with General Motors, Ford Motor and Stellantis, and the six-week U.S. auto industry strike has finally come to an end.

UAW President Sean Fein disclosed the details of the collective bargaining agreement, which includes a 25% salary increase, better retirement benefits and other improved benefits, and the agreement will last until April 2028. Earlier on Thursday, union leaders agreed to put the deal to members for a vote, which would take about two weeks and would require a simple majority vote of more than half of the union’s members to pass.

The UAW is one of the largest workers’ unions in the United States. Among GM, Ford and Stellantis, the UAW has as many as 146,000 union members, accounting for approximately 56% of all workers in the U.S. auto manufacturing industry.

The UAW detailed many of Stellantis’ investment plans, with the company’s investment commitments totaling $18.9 billion. Of course, this includes some previously announced plans.

It is reported that Stellantis has agreed to restart an assembly plant in Belvidere, Illinois. Stellantis closed the factory in February, resulting in 1,300 workers losing their jobs. Restarting the Belvedere Assembly Plant is an important topic in labor negotiations between the UAW and Stellantis.

The UAW said Stellantis also plans to invest $3.2 billion to build a new joint venture battery plant in Belvidere, which is expected to open in 2028. The joint venture partner has not yet been determined.

The agreement also outlines Stellantis’ previously announced battery plant investment plans. Earlier this month, Stellantis and Samsung SDI announced that they will build a second joint venture battery factory in Kokomo, Indiana, scheduled to open in 2027. It is reported that the first joint venture factory of the two companies will open in the first quarter of 2025, with a total investment of US$6.8 billion in the two factories.

Other planned investments by Stellantis include $1.5 billion each in a Dodge Jeep factory in Detroit and a Jeep complex in Ohio; a $1.4 billion investment in a Ram pickup truck plant in Sterling Heights, Mich.; $600 million investment in suburban Warren truck plant.

The article is in Chinese

Tags: Stellantis plans invest US18 .9 billion United States spend US3 .2 billion build battery factory Finance Financial Industry


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