General Motors and South Korean battery manufacturer Samsung SDI officially announced on Wednesday that they will form a joint venture to produce electric vehicle batteries in the United States.
GM Chair and CEO Mary Barra confirmed the partnership in a statement.
According to the report, the joint venture, which is anticipated to generate more than 1,600 employees, will now be situated on a 275-hectare plot in New Carlisle, Indiana, in the US state of Indiana.
A total of around 3.5 billion US dollars (or 3.14 billion euros) are ready to be invested by both parties. A later date is scheduled for an increase in capacity from 27 to 36 GWh annually.
GM’s vice president of battery cell and pack, Kurt Kelty, announced that he had met with the CEO of Samsung SDI to complete the battery joint venture.
“Capability to expand up to 36 GWh, building prismatic cells, which will be added to our battery technology portfolio, helping us to continue to increase performance and lower costs in the future,” is how Kelty described the plant’s future expansion plans.
“We are excited to finalize this battery joint venture with Samsung SDI,” said Kelty,
GM stated last year that it anticipated the Indiana facility to feature production lines capable of producing prismatic and cylindrical cells rich in nickel.
“The Samsung SDI joint venture is the latest example of GM’s commitment to driving innovation in America,” said GM Chair and CEO Mary Barra.
“The EV market and GM sales will continue to grow as more customers experience our EVs, the charging infrastructure builds out and we expand into more segments.”
We earlier reported that Samsung Electro-Mechanics (SEMCO) is going to supply AMD, NVIDIA’s primary rival in the artificial intelligence (AI) chip market, with high-performance substrates for hyperscale data centres.
Kim Wontaek, Executive Vice President of the Strategic Marketing Center at Samsung Electro-Mechanics, confirmed the partnership.
