General Motors (GM), Samsung to build $3B EV battery plant in Indiana
On Tuesday, Indiana Governor Eric Holcomb revealed that automaker General Motors (NYSE: GM) and Korean battery manufacturer, Samsung will build a more than $3 billion EV battery cell plant in Indiana scheduled to begin operations in 2026 and is projected to generate 1,700 jobs.
Back in April, both companies pledged to invest over $3 billion into a collaborative venture aimed at constructing an EV battery manufacturing plant within the United States. However, they had not disclosed the specific location.
According to a January report from Reuters, GM made the decision not to proceed with the construction of a fourth U.S. battery plant alongside LG Energy Solution in Indiana, but said GM could still pick Indiana for a battery plant with another partner.
The joint GM and Samsung SDI plant will be located near New Carlisle, Indiana and aims to have an annual production capacity of 30 gigawatt hours (GWh). The plant will produce high-nickel prismatic and cylindrical battery cells.
Samsung SDI CEO Yoonho Choi said in a statement "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."
Shares of STLA are up 2.65% in afternoon trading on Tuesday.
By Michael Elkins | [email protected]