MILAN -- Stellantis said it has reached an agreement to establish a battery plant in Italy.
The plant will be at its engine facility in Termoli, Italy, joining previously announced factories in Germany and France. The automaker has also said it will put one in the United States.
It wants to secure more than 130 gigawatt hours (GWh) of battery capacity by 2025 and more than 260 GWh by 2030.
Stellantis said it has signed memorandums of understanding with two lithium geothermal brine process partners in North America and Europe to ensure supplies of lithium, a critical raw material for batteries.
The company is targeting cutting battery pack costs by more than 40 percent from 2020 to 2024 and by more than an additional 20 percent by 2030.
It plans to use two battery chemistries by 2024 -- a high energy-density option and a nickel cobalt-free alternative. By 2026, it intends to introduce solid-state batteries.
"We have agreed with the Italian government to establish a gigafactory (battery plant) in Termoli, Italy," CEO Carlos Tavares said during the group's EV Day 2021 strategy event on Thursday.
