HomeInvestmentsGM and Samsung’s $3.5 Billion EV Battery Plant Agreement is Now Official

GM and Samsung’s $3.5 Billion EV Battery Plant Agreement is Now Official

American carmaker General Motors (GM) and South Korean electronics giant Samsung SDI have finalized their agreement to build an electronic vehicle battery factory in Indiana.

The partnership, which was originally announced in 2023, will see GM and Samsung invest $3.5 billion in constructing a manufacturing plant in New Carlisle, Indiana. The plant, which is expected to create 1,600 jobs, will have an initial capacity of 27GWh that will be later expanded to 36GWh.

GM and Samsung project that the factory will be fully operational by 2027 and is expected to produce enough batteries for 500,000 EVs on an annual basis. This represents a one-year delay compared to initial plans to open the plant in 2026. The construction is believed to be already underway.

“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,” said Samsung in a statement while adding that the two companies will continue “expanding their strategic partnership onwards.”

GM already has three other EV battery plants in its portfolio. Plants in Lordstown, Ohio, and Spring Hill, Tennessee, are already operational while the one in Lansing, Michigan, is being built. These three factories are part of GM’s joint venture with LG Energy Solution.

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