Samsung SDI to Build $3.5 Billion EV Battery Plant in Indiana With General Motors
South Korea's Samsung SDI has finalized an agreement with General Motors to establish a $3.5 billion joint electric vehicle (EV) battery factory in Indiana, USA. This collaboration, announced initially in April 2023, entails the construction of a battery cell manufacturing plant with an initial annual production capacity of 27 gigawatt hours (GWh). This is prepared by SSP.
As a result of the announcement, Samsung SDI shares rose by up to 3.2% in morning trading, contrasting with a 0.3% decline in the benchmark KOSPI stock index.
The partnership originally estimated an investment exceeding $3 billion and projected the commencement of operations in 2026. Samsung SDI highlighted that the plant, once fully operational by 2027, aims to escalate its production capacity to 36 GWh.
Kurt Kelty, GM's Vice President of Battery Cell and Pack, emphasized the plant's expansion capabilities, noting it will manufacture prismatic cells which will enrich GM’s battery technology portfolio, enhancing performance, and reducing costs.
Previously, GM indicated that the Indiana plant would produce both nickel-rich prismatic and cylindrical cells. As the automaker anticipates higher demand for its gasoline-powered models, it adjusted its 2024 EV production forecast down to 250,000 units from an earlier estimate of 300,000 units.
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