Samsung SDI, a leading South Korean battery maker, announced on Wednesday that it has finalised an agreement with General Motors (GM) to build a joint electric vehicle (EV) battery factory in Indiana, USA.
The two companies will invest approximately $3.5 billion in the battery cell manufacturing plant, which would have an initial annual production capacity of 27 gigawatt hours (GWh).
The facility aimed to start mass production in 2027, with plans to expand its capacity to 36 GWh in the future.
“We are excited to finalize this battery joint venture with Samsung SDI,” said Kurt Kelty,
GM’s vice president of battery cell and pack. “The plant would have the capability to expand up to 36 GWh, building prismatic cells, which would be added to our battery technology portfolio, helping us to continue to increase performance and lower costs in the future.”
The joint venture was first announced in April 2023, with an initial investment of over $3 billion and a planned production capacity of 30 GWh.
The Indiana plant would produce both nickel-rich prismatic and cylindrical cells, with GM projecting an annual EV production of 250,000 units by the end of 2024.
Boluwatife Enome
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