Samsung SDI, GM to spend more than $3 billion to build EV battery plant in the US
On Tuesday, Samsung SDI, the battery and electronic materials manufacturing arm of Samsung, and General Motors Co. (GM) announced that they have joined hands to invest more than $3 billion in an EV battery plant in the US. This move is in line with the automaker’s aim to diversify its component supplier portfolio.
This announcement was made during South Korean President Yoon Suk Yeol’s state visit to Washington, D.C., for a meeting with US President Joe Biden. Moreover, the announcement to invest more than $3 billion in a joint venture also comes a month after Samsung SDI CEO Choi Yoon-ho met with GM CEO Mary Barra in Michigan to sign an MoU to take advantage of the US Inflation Reduction Act.
High-performance EV batteries will be used in upcoming GM electric vehicles
Samsung SDI and General Motors also shed some light on a few details regarding the upcoming EV battery plant in the US. The companies said that this plant will have an annual production capacity of more than 30 GWh (gigawatt hours) and is set to undergo mass production in 2026, as reported by Samsung SDI (via Reuters).
This joint venture with General Motors Co. for an EV battery plant will boost Samsung SDI’s presence on US soil. Notably, this would be the company’s second battery manufacturing unit in the country. Samsung SDI aims to produce high-performance, nickel-rich prismatic, and cylindrical batteries at this EV battery plant for GM’s upcoming electric vehicles.
Moreover, this EV battery plant will also produce thousands of jobs in the state. Speaking on this partnership with GM, Samsung SDI CEO Choi Yoon-ho said, “It is a great pleasure to take the very first step to create a long-term industry-leading partnership with GM in the U.S. electric car market.” Apart from Samsung SDI and General Motors’ joint venture, Hyundai Motor Group and SK On also recently shook hands to set up a battery cell plant in the US state of Georgia.
