© Reuters. FILE PHOTO: A view shows the logo of Stellantis at the entrance of the company’s factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol

WASHINGTON (Reuters) – Stellantis NV and Samsung (KS:) SDI said on Tuesday they will invest more than $2.5 billion to build a new joint venture battery plant in Kokomo, Indiana as the Chrysler-parent ramps up electric vehicle production plans.

Targeted to start in 2025, the plant aims to have an initial annual production capacity of 23 gigawatt hours (GWh), with an aim to increase to 33 GWh in the next few years.

The joint venture will create 1,400 new jobs and could gradually increase to up to $3.1 billion.

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