SAMSUNG SDI and General Motors Finalize Agreement to Establish Battery Joint Venture in the US – to invest approximately $3.5bn in an EV battery plant.
SAMSUNG SDI announced today that the company has completed and signed an agreement with General Motors to establish a joint venture to supply electric vehicle(EV) batteries in the United States.
The ceremony was held at SAMSUNG SDI’s office in Seoul, and was attended by key executives from both companies, including SAMSUNG SDI CEO Yoon-ho Choi. SAMSUNG SDI reached an agreement with GM in April of last year to form an EV battery joint venture and has since been working on finalizing key details. The joint venture will be located in New Carlisle, Indiana, on a 680-acre site and is expected to more than 1,600 jobs supporting the local economy.
Through the partnership, the two companies will invest approximately $3.5 billion to build a new battery cell manufacturing plant with an annual production capacity of 27GWh initially, targeting mass production in 2027. The annual capacity is expected to rise to 36GWh under following expansion plans.
Yoon-ho Choi, SAMSUNG SDI CEO, said:
Building on last year’s partnership with GM, the No. 1 automaker in North America, we have established a premium battery production hub to lead the U.S. EV market.
“SAMSUNG SDI will make best efforts to support GM enhance its leadership in the EV market with the company’s PRiMX battery products featuring ‘Super Gap’ technology.”
Mary Barra, GM Chair and CEO, said:
The SAMSUNG SDI joint venture is the latest example of GM’s commitment to driving innovation in America.
“The EV market and GM sales will continue to grow as more customers experience our EVs, the charging infrastructure builds out and we expand into more segments.”
The new plant will produce NCA-based high-performance nickel-rich prismatic batteries, which are expected to be deployed in upcoming GM electric vehicles. SAMSUNG SDI’s prismatic batteries not only improve driving range through high energy density, but also enhance safety with its llic exterior and venting system. Through the joint venture with GM, SAMSUNG SDI will gain a foothold in the North American EV market and strive to increase customers for its top-quality prismatic batteries with ensured safety.
The agreement is rooted in a shared commitment to the growth of the EV market. Both companies have been closely monitoring the rapidly changing market conditions and have decided to invest in the joint venture to stay aligned with the market pace. The two companies will continue expanding their strategic partnership onwards.
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SAMSUNG SDI and General Motors Finalize Agreement to Establish Battery Joint Venture in the US – to invest approximately $3.5bn in an EV battery plant. source
