GM and Samsung SDI to build new battery plant in U.S.
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Update time : 2023-04-25 14:17:19
GM and Samsung SDI are reportedly planning to build a new joint venture battery manufacturing plant in the U.S. The two companies are expected to announce the news as early as April 25.
In January, it was reported that GM and LG New Energy would not move forward with the construction of a fourth U.S. battery plant. GM and LG New Energy are currently spending $2.6 billion to build a plant in Michigan that is set to open in 2024, one of three joint venture plants under their joint venture Ultium Cells. GM and Samsung SDI's new plant is expected to cost more than their Michigan battery plant, but the companies will not immediately announce the location, the sources said. Neither GM nor Samsung SDI was immediately available for comment. A source from Samsung SDI told the media, "GM and LG New Energy have already partnered to build three joint venture battery plants in the U.S., and we will likely also partner with GM to build more than one joint venture battery plant in the U.S. to better meet GM's electric vehicle needs and the company's electrification goals." GM and Samsung SDI are also considering building more joint venture battery plants in North America, the source added. GM said last year that it expects to produce 400,000 electric vehicles in North America from 2022 to mid-2024 and increase its North American capacity to 1 million vehicles a year by 2025. GM is considering whether it needs at least two new electric vehicle plants to meet future market demand, the sources said. During a visit to Samsung in 2022, U.S. President Joe Biden urged the South Korean company to build "partnerships with U.S. union members" and said "collective bargaining relationships will make joint ventures to make electric vehicle batteries stronger ".
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