Samsung SDI inks deal with GM for USD 3.5 billion EV battery factory in US: Report

Samsung SDI said it has inked a transaction with General Motors to jointly establish an EV factory in Indiana, United States, Reuters reported.

Both the firms will collectively invest USD 3.5 billion for a battery cell manufacturing plant with an initial annual production capacity of 26 GWh, SDI noted in a statement.

The joint plant is targeting mass production in 2027 and the annual capacity is slated to increase to 36 GWh, Reuters reported.

Kurt Kelty, GM vice president of battery cell and pack said that it would have the "capability to expand up to 36 GWh, building prismatic cells, which will be added to our battery technology portfolio, helping us to continue to increase performance and lower costs in the future," Reuters noted.