Loan for Stellantis to build 2 electric vehicle battery plants [Video]

DETROIT — A Stellantis joint venture with Samsung SDI has won a commitment from the U.S. government for up to a $7.54 billion loan to help build two electric vehicle battery plants in Kokomo, Indiana.

The project being built by StarPlus Energy LLC is expected to create at least 2,800 jobs at the plants and hundreds more at a nearby park for parts supply companies, the Energy Department said Monday in a statement.

The loan still must be finalized, but the government said the commitment shows its intent to finance the project. To get the loan, StarPlus must develop a plan to engage with community and labor leaders to create good paying jobs. It also has to meet technical, legal, environmental and financial conditions before the …