Building an EV battery factory in the US will cost Samsung SDI and GM more than $3 billion
Samsung SDI is the manufacturing arm of battery and electronic materials of the South Korean conglomerate. Reportedly, on Tuesday, Samsung SDI and General Motors Co. (GM) announced their collaboration. They have collaborated to invest in an EV battery plant in the US. As per the reports, they are going to make an investment of more than $3 billion. This action supports the automaker’s goal of diversifying the array of component suppliers.
Yoon Suk Yeol, the South Korean president was on a state visit to Washington, D.C. During his visit, he met the US President. In this meeting, the announcement of the EV battery plant in the US was made. The decision to invest more than $3 billion in a joint venture was also made less than a month after Samsung SDI CEO Choi Yoon-ho and GM CEO Mary Barra met in Michigan to sign an MoU to benefit from the US Inflation Reduction Act.
High-performance batteries will be utilized in future GM EV
Both companies have shared some details about the forthcoming EV battery plant in the US. The plant is expected to have an annual production capacity of more than 30 GWh (gigawatt hours), according to the companies. Samsung SDI states that it will begin mass production in 2026. Such collaboration will help Samsung mark its presence in the US market. It will be Samsung’s second battery manufacturing plant in the US. At this EV battery plant, Samsung SDI wants to make high-performance, nickel-rich prismatic, and cylindrical batteries for GM’s next electric vehicles.
In addition to this, the new EV battery plant will produce thousands of new job opportunities in the region. It is a great pleasure to begin the process of forming an extended collaboration with GM in the American market for electric vehicles that will set the standard for the sector, states the CEO Choi Yoon-ho Samsung SDI. Besides Samsung SDI and GM, Hyundai Motor Group and SK On have also collaborated for setting up a battery cell plant in the US state of Georgia.
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