The global auto industry is driving toward electrification and Stellantis is in full execution mode with a comprehensive electrification strategy to deliver exciting, class-leading vehicles for our iconic brands that offer advanced technology at affordable prices. This is the most historic transformation the industry has undergone in its 120-year history.
With our Dare Forward 2030 long-term strategic plan, we are setting the course for 50% of sales in the United States and Canada to be battery electric vehicles (BEVs) by the end of this decade. And we plan to launch more than 25 new BEV models in North America during that time.
At Stellantis, electrification is not a one size fits all proposition. Our global engineering teams are developing vehicle platforms, propulsion and energy storage systems that will enhance the inherent DNA of each of our 14 iconic brands.
However, this transition comes at an increased cost. At 40% greater cost than conventional technology, passing that on to consumers not only puts EV affordability at risk for middle-class buyers, but puts greater emphasis on operating the plants efficiently.
One way the Company is protecting affordability is by transforming the footprint of the business in all areas. Total Production Cost (TPC) is a key metric to reduce costs in the manufacturing process wherever possible. TPC includes transformation costs, inbound freight, tool depreciation, and the purchase of primary materials and components.
Employees can help lower TPC by looking for opportunities to improve efficiency in their work area, sharing ideas to reduce cost or materials, being at work as scheduled and helping prevent line stops so the plant makes its build each shift.
Our CEO Carlos Tavares has said that the Company must focus on optimizing the way we manufacture vehicles everywhere in the world.
To help prepare the Company for the transition, we have made strategic investments to build three battery plants in North America with partners LG ES and Samsung SDI. The joint venture with LG in Windsor, Ontario, will get underway in 2024 followed by the one with Samsung in Kokomo, Indiana, in 2025. The third plant, which was announced in July, will launch in 2027. We have announced other strategic partnerships to supply the raw materials needed to build the batteries.
And while we are working toward the 50% BEV goal, it is important to note that traditional ICE vehicles will still make up half of our vehicle sales in the U.S.