US commits to $7.54 billion loan for Stellantis venture to build 2 electric vehicle battery plants

DETROIT (AP) — A Stellantis joint venture with Samsung SDI has won a commitment from the U.S. Energy Department 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 parts suppliers. StarPlus has to meet technical, legal, environmental and financial conditions before the government will fund the loan. It’s unclear whether the loan will be funded before President-elect Donald Trump takes office on Jan. 20. Trump has pledged to end funding for electric vehicle projects, which he called the “green new scam.” A message was left seeking comment from the Trump transition team.