General Motors, Samsung SDI Plan To Build EV Battery Plant Worth $3B In Indiana: Report

General Motors Company GM and South Korea-based Samsung SDI SSDIY reportedly plan to construct an electric vehicle battery cell plant worth more than $3 billion in Indiana.

The plant will be a joint venture project between General Motors and Samsung SDI with a 30GWh annual capacity, Reuters reported, citing a statement from Indiana State Governor Eric Holcomb. 

The prospective JV will aim to start mass production in 2026, creating 1,700 jobs, mentioned the report.

Also Read: General Motors Invests $632M To Prepare Fort Wayne Assembly Plant For Truck Production

The report further quoted Samsung SDI CEO Yoonho Choi, saying, "Securing Indiana as a strong foothold together with GM, Samsung SDI will supply products featuring the highest level of safety and quality in a bid to help the U.S. move forward to an era of electric vehicles."

In April 2023, Samsung SDI and General Motors announced their plans to establish a joint venture for battery manufacturing without mentioning the location and employment generation.

"GM's supply chain strategy for electric vehicles is focused on scalability, resiliency, sustainability and cost-competitiveness. Our new relationship with Samsung SDI will help us achieve all these objectives," GM Chair and CEO Mary Barra said in April. "The cells we will build together will help us scale our EV capacity in North America well beyond 1 million units annually."

The JV will produce high-performing, nickel-rich prismatic and cylindrical batteries that will be exclusively supplied for GM's upcoming electric vehicles. 

Price Action: GM shares are trading higher by 1.61% to $37.26 on the last check Tuesday.