- General Motors Company (NYSE:GM) and Samsung SDI plan to invest more than $3 billion to build a new battery cell manufacturing plant in the U.S.
- Samsung SDI is partly owned by Samsung Electronics Co., Ltd.(OTC:SSNLF).
- The plant will have more than 30 GWh of capacity, bringing GM’s total U.S. battery cell capacity to about 160 GWh at full production.
- The companies plan to jointly operate the facility with the production lines to build nickel-rich prismatic and cylindrical cells.
- The parties have not disclosed the location of the plant. The new jobs generated are expected to be in thousands.
- Also Read: General Motors Reaches $365K Settlement With US DoJ Regarding Immigration-Related Discrimination
- The plant is expected to begin operations in 2026.
- “GM’s supply chain strategy for EVs is focused on scalability, resiliency, sustainability and cost-competitiveness. Our new relationship with Samsung SDI will help us achieve all these objectives,” said GM chair and CEO Mary Barra.
- “The cells we will build together will help us scale our EV capacity in North America well beyond 1 million units annually.”
- Also Read: General Motors Invests In Nanoramic For Low-Cost, High-Performance EV Batteries
- Price Action: GM shares are trading lower by 0.73% at $34.05 in premarket on the last check Tuesday.
Tesla’s China Deliveries Climb To Record In June Amid Post-COVID Recovery: Report
U.S. electric vehicle giant Tesla, Inc. (NASDAQ: TSLA) reported record deliveries for June in China, as production ramped up following the COVID lockdowns.
