Samsung SDI, General Motors to Establish Joint Venture for Supplying EV Batteries

Business Strategy Samsung SDI, General Motors to Establish Joint Venture for Supplying EV Batteries

2024-09-05 Source: Press release Samsung SDI 2 min Reading Time

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Under an agreement signed between Samsung SDI and General Motors, both the parties will work together to establish a joint venture which will aim at supplying electric vehicle batteries in the USA.

Samsung SDI President & CEO Yoon-ho Choi (middle) poses with Kurt Kelty, executive vice president of General Motors' Battery Cells & Pack Business (right) during a signing ceremony for an EV battery joint venture at Samsung Town in Seocho, southern Seoul, on Aug. 27.(Source: Samsung SDI) — Samsung SDI President & CEO Yoon-ho Choi (middle) poses with Kurt Kelty, executive vice president of General Motors' Battery Cells & Pack Business (right) during a signing ceremony for an EV battery joint venture at Samsung Town in Seocho, southern Seoul, on Aug. 27.
(Source: Samsung SDI)

Seoul/Korea – Samsung SDI has completed and signed an agreement with General Motors to establish a joint venture to supply electric vehicle (EV) batteries in the United States.

The ceremony was held at Samsung SDI's office in Seoul, and was attended by key executives from both companies, including Samsung SDI CEO Yoon-ho Choi. Samsung SDI reached an agreement with GM in April of last year to form an EV battery joint venture and has since been working on finalizing key details. The joint venture will be located in New Carlisle, Indiana, on a 680-acre site and is expected to offer more than 1,600 jobs supporting the local economy.

Through the partnership, the two companies will invest approximately 3.5 billion dollars to build a new battery cell manufacturing plant with an annual production capacity of 27 GWh initially, targeting mass production in 2027. The annual capacity is expected to rise to 36 GWh under the following expansion plans.

“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,” said Samsung SDI CEO Yoon-ho Choi. “Samsung SDI will make best efforts to support GM to enhance its leadership in the EV market with the company’s Primx battery products featuring 'Super Gap' technology.”

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“The Samsung SDI joint venture is the latest example of GM’s commitment to driving innovation in America,” said GM Chair and CEO, Mary Barra. “The EV market and GM sales will continue to grow as more customers experience our EVs, the charging infrastructure builds out and we expand into more segments.”

The new plant will produce NCA-based high-performance nickel-rich prismatic batteries, which are expected to be deployed in upcoming GM electric vehicles. Samsung SDI's prismatic batteries not only improve driving range through high energy density, but also enhance safety with its hard exterior and venting system. Through the joint venture with GM, Samsung SDI will gain a foothold in the North American EV market and strive to increase customers for its top-quality prismatic batteries with ensured safety.

The agreement is rooted in a shared commitment to the growth of the EV market. Both companies have been closely monitoring the rapidly changing market conditions and have decided to invest in the joint venture to stay aligned with the market pace. The two companies will continue expanding their strategic partnership onwards.

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