Samsung SDI, GM Partner on $3 Billion EV Battery Plant
Samsung SDI and General Motors (GM) have announced plans to establish a joint venture (JV) for the production of battery cells for electric vehicles (EVs) in the United States.
The companies intend to invest over $3 billion in the JV, which will have an annual production capacity of more than 30 gigawatt-hours. Mass production is slated to begin in 2026, said both companies on Tuesday morning.
This partnership will allow Samsung SDI to expand its presence in the U.S. market by building a second battery manufacturing facility in the country and securing GM as a new customer. The JV will focus on the production of high-performing, nickel-rich prismatic and cylindrical batteries, exclusively supplying GM’s upcoming EVs.
Details such as the location of the manufacturing plant and the number of jobs created have not yet been disclosed, but it is expected that the JV will generate thousands of employment opportunities.
“We will do our best to provide the products featuring the highest levels of safety and quality produced with our unrivalled technologies to help GM strengthen its leadership in the EV market,” said Samsung SDI President and CEO Yoon-ho Choi.
GM Chair and CEO Mary Barra highlighted the company’s supply chain strategy, focusing on “scalability, resiliency, sustainability, and cost-competitiveness.” She added, “Our new relationship with Samsung SDI will help us achieve all these objectives. The cells we will build together will help us scale our EV capacity in North America well beyond 1 million units annually.”
Back in June, it was reported Samsung SDI was reportedly preparing a pilot line to help Tesla make its new 4680 battery cells.
Earlier today, GM announced it will be ending production of its Chevy Bolt EV and EUV by the end of 2023.