Samsung Electronics is cooking something bigger as it is planning to invest $3.5 billion in the U.S. to build a giant EV battery factory.
Samsung and GM (General Motors) will build a $3.5 billion EV battery factory in the US. The plant will be dedicated to developing batteries for future GM electric vehicles. If the report is to be believed, Samsung and General Motors are under the hood developing a $3.5 billion EV battery factory in the US. The focus will be on producing nickel, cobalt, and aluminum batteries for GM’s future electronics vehicles.
Samsung SDI CEO Choi Yoon-ho stated, “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.”
Reportedly, both Samsung and General Motors are looking forward to starting operating this battery production unit by 2027. The initial annual production capacity will potentially be 2 GWh, which is expected to expand to up to 36 GWh along with their additional expansion plans as per requirement.
Noticeably, Samsung SDI will invest nearly 2.3 trillion won, which is approximately $1.7 billion, securing a 50.01% stake in the joint venture. Its prismatic batteries are known for their upgraded travel range and safety. The brands will set up the EV battery factory in New Carlisle, Indiana, on a 2.77 square km site.
