INTERNATIONAL BUSINESS TIMES NEWSLETTER SIGNUP My account Log Out Aug 28, 7:03 AM EDT World U.S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion NEWSLETTER My account Log Out US Edition World U.
S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion Listings & More Spotlight Glossary SMB Forum Glossary K-Wave CEO Spotlight Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States NEWSLETTER Follow Us Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States Business Samsung Finalizes Deal With GM To Build EV Battery Factory In US By Kiran Tom Sajan Published 08/28/24 AT 7:03 AM EDT Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket Samsung and GM will invest about $3.5 billion to build a battery cell manufacturing plant AFP Samsung SDI announced on Wednesday that it has finalized an agreement with General Motors (GM) to build a joint electric vehicle battery cell factory in the U.
S. state of Indiana. The two companies plan to invest approximately $3.
5 billion in the construction of the battery cell manufacturing facility, which will have an initial annual production capacity of 27 gigawatt hours, according to a statement from Samsung SDI . GM also confirmed the partnership in an official statement . The partnership was first unveiled in April 2023, with the joint venture initially projected to cost over $3 billion and target a production capacity of 30 GWh, with operations expected to commence in 2026.
However, Samsung SDI has now revealed that the plant aims to achieve mass production by 2027, with potential expansion plans that could boost annual capacity up to 36 GWh. "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.
EV market ," said Samsung SDI President and CEO Yoon-ho Choi. "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." Kurt Kelty , GM's vice president of battery cell and pack, confirmed that he had met with Samsung SDI's CEO to finalize the joint venture.
The new plant will produce high-performance nickel-rich prismatic batteries, which are expected to be deployed in upcoming GM electric vehicles. The prismatic cells are expected to enhance performance and reduce costs. "GM's supply chain strategy for EVs is focused on scalability, resiliency, sustainability and cost-competitiveness.
Our new relationship with Samsung SDI will help us achieve all these objectives," said GM Chair and CEO Mary Barra. "The cells we will build together will help us scale our EV capacity in North America well beyond 1 million units annually," Barra added. GM had previously indicated that the Indiana plant would feature production lines for both nickel-rich prismatic and cylindrical cells.
Despite these ambitious plans, GM adjusted its annual EV production forecast in June, lowering the higher end of its 2024 target from 300,000 units to 250,000 units, as the automaker continues to rely on demand for its gasoline-powered vehicles. The new plant is expected to have more than 30 GWh of capacity and will bring GM's total U.S.
battery cell capacity to about 160 GWh when it is at full production. The factory, which will be built on a 680-acre site at New Carlisle, is expected to provide more than 1,600 jobs supporting local economy. Samsung General motors © Copyright IBTimes 2024.
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