SEOUL, Aug. 28 (Yonhap) — Samsung SDI Co., a South Korean battery maker, said Wednesday it has signed a formal deal with global automaker General Motors Co. to jointly build electric vehicle (EV) batteries in the U.S. state of Indiana.
Under the deal, the two companies will invest a combined US$3.5 billion to build the plant, with an initial annual production capacity of 36 gigawatt-hours, Samsung SDI said in a statement.
The Indiana plant aims to begin production in 2027.
“We have decided to establish a premium battery production base to spearhead the U.S. EV market based on our strong partnership with GM, the No. 1 automaker in North America,” Samsung SDI CEO Choi Yoon-ho said in the statement.
This photo, provided by Samsung SDI Co. on Aug. 28, 2024, shows its CEO Choi Yoon-ho (R) and General Motors Co. CEO Mary Barra speaking at an MOU signing ceremony in March. (PHOTO NOT FOR SALE) (Yonhap)
nyway@yna.co.kr
(YONHAP NEWS)