Two companies to invest approximately $3.5bn in an EV battery plant with an initial capacity of 27GWh up to 36GWh and production target of 2027
The new manufacturing plant will be located in New Carlisle, Indiana, creating over 1,600 jobs and contributing to the local economy
The joint venture to stay aligned with the market pace, with the two companies continuing expanding their strategic partnership onwards
SEOUL, Korea – August 28, 2024 – SAMSUNG SDI announced today that the company has completed and signed an agreement with General Motors to establish a joint venture to supply electric vehicle(EV) batteries in the United States.
The ceremony was held at SAMSUNG SDI's office in Seoul, and was attended by key executives from both companies, including SAMSUNG SDI CEO Yoon-ho Choi. SAMSUNG SDI reached an agreement with GM in April of last year to form an EV battery joint venture and has since been working on finalizing key details. The joint venture will be located in New Carlisle, Indiana, on a 680-acre site and is expected to more than 1,600 jobs supporting the local economy.
Samsung SDI President & CEO Yoon-ho Choi(middle) poses with Kurt Kelty, executive vice president of General Motors' Battery Cells & Pack Business(right) during a signing ceremony for an EV battery joint venture at Samsung Town in Seocho, southern Seoul, on Aug. 27.
Through the partnership, the two companies will invest approximately $3.5 billion to build a new battery cell manufacturing plant with an annual production capacity of 27GWh initially, targeting mass production in 2027. The annual capacity is expected to rise to 36GWh under following expansion plans.
“Building on last year's partnership with GM, the No. 1 automaker in North America, we have established a premium battery production hub to lead the U.S. EV market.” said SAMSUNG SDI CEO Yoon-ho Choi. “SAMSUNG SDI will make best efforts to support GM enhance its leadership in the EV market with the company’s PRiMX battery products featuring 'Super Gap' technology.”
“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.”
The new plant will produce NCA-based high-performance nickel-rich prismatic batteries, which are expected to be deployed in upcoming GM electric vehicles. SAMSUNG SDI's prismatic batteries not only improve driving range through high energy density, but also enhance safety with its hard exterior and venting system. Through the joint venture with GM, SAMSUNG SDI will gain a foothold in the North American EV market and strive to increase customers for its top-quality prismatic batteries with ensured safety.
The agreement is rooted in a shared commitment to the growth of the EV market. Both companies have been closely monitoring the rapidly changing market conditions and have decided to invest in the joint venture to stay aligned with the market pace. The two companies will continue expanding their strategic partnership onwards.
Samsung SDI President & CEO (right) chats with General Motors Chair and CEO Mary Barra (left) after signing an MOU on a joint EV battery plant in the U.S. in March 2023.
