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Stellantis and Samsung to get $7.54 billion federal loan for two EV battery factories

Release the EV battery loans

This time, a joint venture between Stellantis and Samsung SDI will receive $7.54 billion to build two EV battery plants in Kokomo, Indiana. Biden brought the program back in 2022 with a$2.5 billion loan to a joint venture of General Motors and LG Energy Solution to help fund the construction of a new lithium-ion battery manufacturing facility. According to DOE, the StarPlus project will produce about 67 GWh of batteries, enough to supply approximately 670,000 vehicles annually when it's operating at full capacity.

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