Samsung SDI inks deal with GM to build $3.5 bln joint EV battery factory in US (updated)

Samsung SDI

27/08/2024 23:52

(Adds Samsung SDI's statement)
       SEOUL, Aug 28 (Reuters) - South Korea's Samsung SDI
 006400.KS  said on Wednesday it has completed an agreement with
General Motors  GM.N  to build a joint electric vehicle (EV)
battery factory in the U.S. state of Indiana. 
    The two companies will invest approximately $3.5 billion to
build a new battery cell manufacturing plant with an annual
production capacity of 27 gigawatt hours (GWh) initially,
Samsung SDI said in a statement. 
        The South Korean battery maker said the joint plant aims
for mass production in 2027 and annual capacity is expected to
rise to 36 GWh under expansion plans.
  
    

    

($1 = 1,326.0000 won)

 (Reporting by Heekyong Yang and Joyce Lee in Seoul, David
Shepardson in Washington; Editing by Chris Reese)
 ((Heekyong.Yang@thomsonreuters.com;))