SEOUL/WASHINGTON, Aug 28 – Samsung SDI has confirmed the completion of an agreement with General Motors (GM) to establish a joint electric vehicle (EV) battery factory in Indiana. The investment for this project amounts to approximately USD 3.5 billion.
According to Samsung SDI, the new battery cell manufacturing plant will initially have an annual production capacity of 27 gigawatt hours (GWh). The joint venture was first announced in April 2023, when the companies estimated the project would exceed USD 3 billion, with a planned production capacity of 30 GWh and operations set to commence in 2026.
The current timeline indicates that mass production at the plant is targeted for 2027, with potential expansion plans that could increase annual capacity to 36 GWh. Kurt Kelty, GM’s vice president of battery cell and pack, participated in the finalization of the joint venture alongside Samsung SDI’s CEO.
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Kelty noted that the facility will be capable of producing prismatic cells, which will contribute to GM’s battery technology portfolio aimed at enhancing performance and reducing costs. The plant is expected to feature production lines for both nickel-rich prismatic and cylindrical cells.
In a related note, GM recently revised its annual EV production forecast, projecting a maximum of 250,000 units for 2024, a decrease from its previous estimate of 300,000 units. This adjustment reflects the company’s strategy to focus on demand for gasoline-powered models as well.
The electric vehicle (EV) market has seen significant growth in recent years, driven by increasing consumer demand for sustainable transportation and advancements in battery technology. As automakers strive to meet emission targets and enhance their EV offerings, partnerships between battery manufacturers and automotive companies have become essential.
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