Kokomo, Ind. (WANE) — Stellantis and Samsung SDI announced a $2.5 billion investment that will bring 1,400 new jobs to Indiana.

According to a press release from the Indiana Economic Development Corporation, Governor Eric J. Holcomb and Secretary of Commerce Brad Chambers met with Stellantis and Samsung SDI executives to announce the plans today. This project will establish Samsung SDI’s first presence in Indiana and its first manufacturing operations in the U.S.

Stellantis is one of the world’s largest automakers including Chrysler, Dodge and Jeep. Samsung SDI makes rechargeable batteries for automobiles. Together, they plan to build a next-generation electric vehicle battery manufacturing facility near the current Stellantis facility in Kokomo. A facility Gov. Holcomb said will help move Indiana forward.

“It’s another incredibly exciting day to be back in Kokomo celebrating such a transformational investment from Stellantis and our new partners at Samsung. Today’s announcement is another step toward positioning Indiana as a leader in the future of mobility, battery technology and clean energy,” Gov. Holcomb said.

The facility will supply battery modules for a range of electric vehicles produced at Stellantis’ North American assembly plants. The new facility is part of Stellantis’ Dare Forward 2030 strategic plan. The company plans to have global annual electric battery vehicle sales up to five million vehicles by 2030.

“Just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America. I am grateful to Governor Holcomb and Secretary Chambers along with Mayor Moore, and their teams as well as all my colleagues for their support and dedication to bring this operation to Kokomo, a city that holds a rich and long history for our company,” said Stellantis CEO Carlos Tavares.

Mayor Moore spoke about the impact Stellantis has left in Kokomo.

“We would like to thank our partner, Stellantis, for its continued investment, support and faith in this community for over 85 years. “We would also like to thank Samsung SDI for its confidence in us and look forward to working together for the decades to come. This multi-billion dollar investment will help solidify Kokomo as a global leader in automotive manufacturing,” said Mayor Moore.

Stellantis and its partners have committed more than $3.3 billion in Indiana throughout the last two years for different operations and plants. Since the company plans to locate in Indiana, the Indiana Economic Development Corporation committed a combined investment of the project of up to nearly $200 million.

“Our goals for the growth of Indiana’s economy are ambitious. This significant venture with Stellantis and Samsung SDI is squarely in line with our 5E focus on the energy transition and building an economy of the future. Large-scale investments like this are a testament to Indiana’s business-friendly climate, its strong workforce, a growing population and our continued investment in quality of life. The economic growth and momentum in our state this year is unprecedented,” said Sec. Chambers.

Construction is scheduled to begin later this year with production operations planned to launch in the first quarter of 2025.