The U.S. Energy Department has announced its proposal to loan up to $7.54 billion to a joint venture between automaker Stellantis and Samsung SDI. This initiative aims to facilitate the construction of two lithium-ion battery plants in Indiana, as reported by Reuters.
This significant investment highlights the growing demand and emphasis on electric vehicle (EV) infrastructure, particularly in developing lithium-ion batteries. According to IndexBox, the United States’ export value for lithium-ion accumulators in 2023 is $3.3 billion, while imports significantly surpass this amount at $18.6 billion.
Lithium-Ion Battery Trade Dynamics
Regarding trading partners, the United States exports most significantly to Canada ($841.7 million), followed by Mexico ($634.6 million), Australia ($546.4 million), the Netherlands ($202.4 million), and the United Kingdom ($191.7 million). On the import side, the majority comes from China with a staggering $13.1 billion, along with South Korea ($1.5 billion), Japan ($1.1 billion), Hungary ($811.5 million), and Poland ($736.9 million).
Once the plants reach full capacity, the StarPlus Energy venture is expected to produce 67 GWh of batteries annually, capable of supporting around 670,000 vehicles. This production benchmarks a notable stride towards meeting the national and global demands for sustainable energy solutions.
Source: https://www.indexbox.io/blog/us-energy-department-proposes-754-billion-loan-for-ev-battery-plants/
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