U.S. Offers $7.54 Billion Loan for Stellantis, Samsung SDI Battery Venture in Kokomo, Indiana

Dec 2, 2024, 03:55 PM

The Biden administration has announced a proposed loan of up to $7.54 billion for a joint venture between Samsung SDI and Stellantis to establish two electric vehicle (EV) battery manufacturing plants in Kokomo, Indiana. This financing aims to support Stellantis's EV production and is expected to create over 6,000 jobs. The move comes amidst a backdrop of federal loans to struggling EV manufacturers, with critics questioning the allocation of taxpayer funds to companies like Rivian, which received a $6.6 billion loan for its EV factory in Georgia.