Samsung SDI CEO Yoonho Choi has returned from his trip to the US that aimed to strengthen ties with customer Stellantis, TheElec has learned. Choi returned on November 30 which he left for the preceding weekends, sources said.
Stellantis Plan
His visit is noticeable as it was made before Samsung Group announced its year’s end reshuffle plan. CEOs rarely make visits from late November to early December abroad due to the reshuffle.
The sources said this shows the partnership with Stellantis was important for battery maker Samsung SDI. The pair are building are building their first joint EV battery factory in Indiana which will have a capacity of 33GWh per year and start production in 2025.
Starplus Energy, Samsung SDI and Stellantis’s joint venture, also announced in September an additional investment of 2.6 trillion won, bringing the total to 6 trillion won to secure 67GWh per year in battery production capacity.
It is Samsung SDI’s first factory in the US, unlike rivals LG Energy Solution and SK On, which means the company isn’t getting benefits from the Inflation Reduction Act of the US.
If Samsung SDI were to receive subsidies granted by the Act, it would start after next year. LG Energy Solution is already benefiting from subsidies worth around 200 billion won per quarter as reference Samsung SDI recorded 496 billion won in operating profit in the third quarter this year.
