Samsung SDI finalizes deal with GM to build $3.5 bln joint EV battery factory in US
SEOUL/WASHINGTON, Aug 28 (Reuters) - South Korea’s Samsung SDI (006400.KS), opens new tab said on Wednesday it has completed an agreement with General Motors (GM.N) to build a joint electric vehicle (EV) battery factory in the U.S. state of Indiana.
The two companies will invest about $3.5 billion to build a battery cell manufacturing plant with an annual production capacity of 27 gigawatt hours (GWh) initially, Samsung SDI said in a statement. Shares of Samsung SDI rose as much as 3.2% in morning trade, versus benchmark KOSPI’s 0.3% fall.