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.

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 U.S. Energy Department said Monday it is proposing to loan up to $7.54 billion to a joint venture of automaker Stellantis and Samsung SDI to help build two electric vehicle lithium-ion battery plants in 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,