Samsung SDI, GM finalize deal to build $3.5B joint EV battery factory

SAMSUNG SDI (SSNLF) announced that the company has completed and signed an agreement with General Motors (GM) to establish a joint venture to supply electric vehicle, EV, batteries in the United States. 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. “The SAMSUNG SDI joint venture is the latest example of GM’s commitment to driving innovation in America,” said GM Chair and CEO, Mary Barra. “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.”