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General Motors Company (NYSE:GM) shares are trading slightly lower premarket Wednesday. Samsung SDI Co. (OTC:SSDIY) completed and finalized a deal with General Motors to form a joint venture (JV) to supply electric vehicle (EV) batteries in the U.S.
The partnership involves a $3.5 billion investment to build a battery cell manufacturing plant with an initial annual production capacity of 27 GWh, targeting mass production by 2027. The company anticipates future expansions to increase capacity to 36 GWh.
This joint venture will help Samsung SDI establish a presence in the North American EV market and expand its customer base for these high-quality, safe batteries.
The JV will be located on a 680-acre site in New Carlisle, Indiana, and is expected to create over 1,600 jobs, boosting the local economy.
The new plant will produce NCA-based high-performance nickel-rich prismatic batteries for GM’s upcoming electric vehicles.
SAMSUNG SDI CEO Yoon-ho Choi said, “SAMSUNG SDI will make best efforts to support GM enhance its leadership in the EV market with the company’s PRiMX battery products featuring ‘Super Gap’ technology.”
GM Chair and CEO, Mary Barra stated, “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.”
In April 2023, Samsung SDI and GM initially announced the JV would cost over $3 billion. The companies stated that the plant will have more than 30 GWh of capacity and expected to begin operations in 2026.
Investors can gain exposure to GM via the First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and the Invesco S&P 500 Pure Value ETF (NYSE:RPV).
Price Action: GM shares are down 0.18% at $49.16 premarket at the last check Wednesday.
Photo by Jonathan Weiss on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
