Stellantis to invest $155M in Kokomo EV facilities

KOKOMO, Ind. (WISH) — Automaker Stellantis announced plans Tuesday to invest $155 million in three Indiana facilities to help power future electric vehicles assembled in North America.

Stellantis, which counts Chrysler and Dodge among its subsidiaries, will use the funds at the Indiana Transmission, Kokomo Transmission, and Kokomo Casting plants to “add and localize production of its new electric drive module, which includes the electric motor, power electronics, and transmission…for electric vehicle powertrains,” the Indiana Economic Development Corporation said in a release.

Eventually, the gearbox will be cast at Kokomo Casting and machined at Kokomo Transmission, while gear machining and final assembly will be at Indiana Transmission. Production is expected to begin in late 2024.

“With transformative investments from leaders like Stellantis, it is clear that Hoosiers will be at the center of the global economy, developing future-focused products that power all the different modes of transportation forward,” Gov. Eric Holcomb said in a statement.

According to the IEDC, the money invested by Stellantis will help it retain more than 265 jobs across the three Kokomo facilities.

“This investment reflects the confidence that Stellantis has in our community and its workers,” Kokomo Mayor Tyler Moore said in a statement. “The bond between the company and our local workforce continues to strengthen every day. We are grateful Stellantis has placed Kokomo and Howard County at the forefront of the move towards electric vehicles.”

The $155 million investment announced Tuesday will increase the company’s total investments in Indiana to nearly $3.3 billion since 2020.

The state is working with Stellantis to finalize performance-based tax breaks to support the company’s investment and job retention plans. The city of Kokomo will consider additional incentives.