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GM and Samsung SDI are building the largest battery factory in the US

GM and Samsung SDI are building the largest battery factory in the US

Washington/Seoul, Apr. 25 – General Motors expands its battery manufacturing partnership in North America to Samsung SDI. The South Korean battery cell maker and GM announced Tuesday that they will invest at least $3 billion to build an electric vehicle (EV) battery plant in the United States. Production should start in 2026 and the annual capacity is 30 GWh. The location is yet to be decided. “Having so many strong cell partners allows us to scale our EV business faster than we could do alone,” said GM executive Doug Parks. GM already has a joint venture with South Korea’s LG Energy Solutions in the US and is expanding its battery capacity with Samsung SDI.

The plans for the joint venture with Samsung SDI will be announced on Tuesday during South Korean President Yoon Suk-yeol’s visit to the United States, Reuters news agency reported earlier, citing insiders. Yun is accompanied by more than 100 business representatives, including electronics conglomerate Samsung Electronics and carmaker Hyundai Motor. Thanks to heavy subsidies, the US is now emerging as a magnet for climate-friendly technologies like electric cars.

Many companies are investing in new battery cell factories in North America to take advantage of the deflationary measures introduced by the US government. Canada is also reaching out to foreign investors with large amounts of financial assistance. Volkswagen, for example, builds its largest battery cell factory there. European-American car group Stellandis plans to partner with Samsung SDI to invest more than $2.5 billion in a battery factory in the US state of Indiana. In Canada, Stellandis is planning a $4 billion battery project with LG Energy.

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Hyundai Motor has agreed to a nearly $5 billion US joint venture with the battery division of South Korea-based energy group SK Innovation. A new battery factory in the US state of Georgia is scheduled to start production in the second half of 2025.

The joint venture with Samsung SDI is expected to cost more than GM and LG Energy’s $2.6 billion battery factory in Michigan, people familiar with the plans told Reuters. The Detroit automaker is considering building at least two additional electric vehicle plants in the U.S. to meet growing demand. The first battery cells are expected to roll off the assembly line in Michigan, USA, in 2024. It is one of three plants of Altium Cells, a GM/LG joint venture. According to insiders, the collaboration for a fourth factory in the U.S. was dropped at the end of January.

GM and Samsung SDI to build large battery factory in USAGM and Samsung SDI to build large battery factory in USA

Source: Reuters

Thumbnail: Image by Mikes-Photography on Pixabay

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