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Samsung SDI Co. Ltd. and General Motors Company announced they are investing more than $3 billion for the expansion of their battery cell manufacturing business in the United States. They will build a new plant for battery production as part of their joint venture deal.
Samsung SDI and General Motors formally announced on Tuesday, April 25, that they have agreed to establish a multi-billion JV in the US where they will manufacture battery cells for electric vehicles. The Korea Times reported that the companies made the announcement during South Korea’s President Yoon Suk Yeol's recent state visit to Washington, D.C.
The Korean leader was in the country to attend a summit with President Joe Biden. Moreover, the agreement came a month after Samsung SDI’s chief executive officer, Choi Yoon Ho, signed a memorandum of understanding (MOU) with GM’s chief, Marry Barra, for the setting up of a JV to make the most of the US’ Inflation Reduction Act. The signing event was held in Michigan last month.
Through the joint venture, the South Korean battery and electronic materials manufacturer is looking to strengthen its presence in the American market. The company sees the establishment of a second battery facility as one way of achieving this goal while also adding General Motors to its portfolio as a new client.
“It is a great pleasure to take the very first step to create a long-term industry-leading partnership with GM in the U.S. EV market,” Samsung SDI’s president and CEO said in a press release. “We will do our best to provide the products featuring the highest levels of safety and quality produced with our unrivaled technologies to help GM strengthen its leadership in the EV market.”
GM’s chairman and CEO, Mary Barra, further commented, “GM’s supply chain strategy for EVs is focused on scalability, resiliency, sustainability and cost-competitiveness, and our new relationship with Samsung SDI will help us achieve all these objectives.”
