Samsung SDI announced on the 28th that it has signed a formal contract with General Motors (GM) to establish a joint venture for electric vehicle (EV) battery production in the United States.

Samsung SDI announced on the 28th that it has signed a formal contract with General Motors (GM) to establish a joint venture for electric vehicle (EV) battery production in the United States.: COMPANY / Reporter Kim Jisun / 2024-08-29 03:27:00

Photo = Samsung SDI

[Alpha Biz= Reporter Kim Jisun] Samsung SDI announced on the 28th that it has signed a formal contract with General Motors (GM) to establish a joint venture for electric vehicle (EV) battery production in the United States.

This comes about a year and a half after the initial memorandum of understanding (MOU) was signed in March of last year by Mary Barra, GM's CEO, and Choi Yoon-ho, Samsung SDI's CEO. The joint venture will be established on a 2.77 million square meter (approximately 840,000 pyeong) site in New Carlisle, Indiana. The total investment is approximately 4.6767 trillion KRW (3.5 billion USD), with Samsung SDI holding a 50.01% stake. Samsung SDI plans to invest around 2.293 trillion KRW (1.732 billion USD) from October this year until March 2028.

The joint factory aims to start mass production by 2027. The initial production capacity is set at 27 GWh (gigawatt-hours) per year, with plans to expand to 36 GWh through additional investments. The batteries produced will be used in GM's electric vehicles.