Samsung SDI And GM Sign $3.5 Bln Joint Venture For U.S. EV Battery Plant

(RTTNews) - South Korea's Samsung SDI said it signed an agreement with General Motors (GM) to establish a joint venture to supply electric vehicle (EV) batteries in the United States.

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, Samsung SDI said in a statement.

According to the company, 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.

Samsung SDI noted that 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.