Mayor: Third Stellantis Project is ‘The Sweetest’
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Kokomo Mayor Tyler Moore has been on the job since January 2020 and during that short span his administration has witnessed the city’s automotive industry enjoy massive investments. The latest came Tuesday when global auto giant Stellantis (NYSE: STLA) and Samsung SDI announced plans to invest more than $2.5 billion to build an electric vehicle battery facility in Kokomo. This newest investment follows two previous Stellantis announcements to invest a total of $640 million to retool its transmission and engine plants in Howard County.
“A lot of folks say, ‘the third time’s a charm,’” said the first term mayor in an interview with Inside INdiana Busines. “I’ve had the wonderful blessing in this two and a half short years that I’ve been mayor to have Stellantis make three major announcements. And the third one was definitely the sweetest.”
The Stellantis and Samsung SDI joint venture will create 1.400 jobs. The initial investment is $2.5 billion but it could grow to $3.1 billion at the automaker ramps up electric vehicle production.
This project will establish Samsung SDI’s first presence in Indiana and its first manufacturing operations in the U.S. It will be Stellantis’ second electric-vehicle battery plant in North America.
“It’s another incredibly exciting day to be back in Kokomo celebrating such a transformational investment from Stellantis and our new partners at Samsung,” said Governor Eric Holcomb. “Today’s announcement is another step toward positioning Indiana as a leader in the future of mobility, battery technology and clean energy.”
The facility will supply battery modules for a range of electric vehicles produced at Stellantis’ North American assembly plants.
Moore says construction is scheduled to begin in August on the 2.5 million-square-foot plant which will be near the Kokomo Engine Plant on the northeast side of the city.
“That obviously will spark a lot of construction. Really, we’re already starting to receive inquiries on suppliers that have heard the rumblings of the investment and the development of this battery manufacturing plant that want to be in close proximity and are now looking to the Kokomo area,” said Moore. “It stands to have a huge economic impact on the community. And really the region for that matter.”
Moore says depending on market demand, Samsung SDI is keeping open the possibility of a second phase of the project, resulting in a plant expansion.
“We have secured a solid foothold in a rapidly growing North American EV market through the joint venture with Stellantis,” said Yoonho Choi, chief executive officer of Samsung SDI. “We will make sincere efforts to bring satisfaction to the market with top-class quality products in the future, and we will contribute towards meeting the climate change target.”
The mayor says the project will also have an educational impact as the plant will require workers with advanced manufacturing training. He expects to see enrollment climb at Ivy Tech in Kokomo which has invested in an Industry 4.0 lab.
“[They] have partnered for a number of years with Stellantis on their new robotic technology and so this will just springboard into you know the EV and then the battery production as well,” said Moore.
Generations of Kokomo-area residents have worked for decades at the city’s manufacturing plants that supported the nation’s auto industry. Factories with names such as General Motors, Chrysler, and Delphi were the cornerstone of Kokomo’s industrial strength. While the jobs and economy have ebbed and flowed in a parallel with the industry, Moore can’t help but reflect on how legacy has helped clear the way for the next generation of vehicles.
“Year after year, we boast on the rich automotive history that Kokomo and Howard County has. And with Stellantis’ recent investments, and now with this major investment in development, we’re now looking at the rich automotive future that Kokomo and Howard County will be on the forefront of.”
Battery production is expected to launch in the first quarter of 2025.