US Provides $10.5 Billion Loan Support to Samsung SDI-Stellantis Joint Venture
$7.54 Billion Loan Support to Starplus Energy
The U.S. government will provide a loan of $7.54 billion (10.5 trillion KRW) to Starplus Energy, a battery joint venture between Samsung SDI and Stellantis.
On the 2nd (local time), the U.S. Department of Energy announced that it decided to pursue this conditional support as part of the Biden administration's 'Invest in America' policy.
This loan is intended for the construction of Starplus Energy's lithium-ion battery and module factory located in Indiana. Once fully operational, the factory is expected to produce 67 GWh (gigawatt-hours) of batteries annually, enough to supply 670,000 vehicles.
The Department of Energy explained, "The batteries produced at the new facility will be sold to Stellantis for use in electric vehicles (EVs) in the North American region," adding, "This will enable the U.S. to meet domestic demand and maintain its position as a global leader in the rapidly expanding electric vehicle industry." It further stated, "This project will enhance North America's electric vehicle battery manufacturing capacity and reduce U.S. dependence on hostile countries such as China."
Earlier, at the end of last month, the Department of Energy announced it would provide a loan of $6.6 billion (approximately 9.2 trillion KRW) to Rivian, a domestic electric vehicle company. However, the incoming Donald Trump administration, set to take office in January next year, holds a negative stance on federal government support related to electric vehicles. Therefore, it remains uncertain whether the Biden administration can complete the loan support process before the regime change and whether the new administration will carry it out as is.
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In this context, Vivek Ramaswamy, who will serve as co-head of the Department of Government Efficiency (DOGE) in the next administration alongside Tesla CEO Elon Musk, recently criticized the loan support for Rivian on X (formerly Twitter). He pointed out, "One justification for the support is 7,500 jobs, which means a cost of $880,000 per job," adding, "This smells more like a political warning to Elon Musk and Tesla."
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