General Motors, Samsung SDI Plan $3B Battery Plant In US - General Motors (NYSE:GM)

General Motors Company GM and Samsung SDI plan to invest more than $3 billion to build a new battery cell manufacturing plant in the U.S.
Samsung SDI is partly owned by Samsung Electronics Co., Ltd.SSNLF.
The plant will have more than 30 GWh of capacity, bringing GM's total U.S. battery cell capacity to about 160 GWh at full production.
The companies plan to jointly operate the facility with the production lines to build nickel-rich prismatic and cylindrical cells.
The parties have not disclosed the location of the plant. The new jobs generated are expected to be in thousands.
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The plant is expected to begin operations in 2026.
"GM's supply chain strategy for EVs is focused on scalability, resiliency, sustainability and cost-competitiveness. Our new relationship with Samsung SDI will help us achieve all these objectives," said GM chair and CEO Mary Barra.
"The cells we will build together will help us scale our EV capacity in North America well beyond 1 million units annually."
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Price Action: GM shares are trading lower by 0.73% at $34.05 in premarket on the last check Tuesday.