Samsung SDI, GM to Build $3.5 Billion Battery JV in U.S. by 2027
By Kwanwoo Jun
South Korea's Samsung SDI said Wednesday that it and General Motors agreed to build a $3.5 billion battery-making joint venture in the U.S. by 2027.
The Samsung SDI-GM joint venture will have an initial production capacity of 27 gigawatt hours a year, which could be increased to 36 GWh in future, the South Korean battery maker said in a statement.
The joint-venture plant, to be built in New Carlisle, Indiana, is expected to create more than 1,600 jobs supporting the local economy, the company said.
Samsung SDI said in a separate regulatory filing that it will initially invest 2.293 trillion won ($1.73 billion) and plans to acquire a 50.1% stake in the joint venture with GM.
The plant would be Samsung SDI's second battery-making joint venture in the U.S. The company and Stellantis last year agreed to build a $3.2 billion battery plant in Kokomo, Indiana.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
August 27, 2024 20:42 ET (00:42 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks
United States