On November 21st, Stellantis Group announced that it had signed a non binding memorandum of understanding with Ningde Times. The memorandum stipulates that Ningde Times will supply the cells and modules of lithium iron phosphate (LFP) batteries to Stellantis Group locally in Europe to assist Stellantis in the production of electric vehicles in the European market. To further support Stellantis Group's ambitious electrification strategy and goals, both parties are exploring the possibility of establishing a joint venture in a peer-to-peer manner.
This memorandum of understanding outlines the long-term cooperation between Ningde Times and Stellantis Group in two strategic areas: developing a bold technology roadmap to support the development of Stellantis' cutting-edge pure electric vehicles, and actively exploring new cooperation opportunities to further enhance the battery value chain.
It is understood that Stellantis Group aims to use lithium iron phosphate (LFP) batteries to promote its electric vehicle production in the European market, in support of Stellantis' Dare Forward 2030 'strategic plan for electrification goals. The strategic planning goal is that by 2030, all passenger cars sold by Stellantis in Europe will be pure electric vehicles, and 50% of passenger cars and light trucks sold in the United States will be pure electric vehicles. At the same time, Stellantis plans to become a net zero carbon emitting enterprise by 2038, and the group is creating a series of partnerships to ensure the stable and low-carbon supply of key raw materials in its future implementation of electrification.