Samsung, GM to invest $3bln in EV battery factory

Samsung and General Motors (GM) announced on Tuesday that they plan to invest about $3 billion in an electric vehicle battery cell plant, which will be located in the U.S., and it is expected to be operative in 2026.

The announced project is GM’s fourth joint venture battery cell factory with LG. Yoon-ho Choi, Samsung CEO spoke on behalf of his firms saying: “will do our best to… help GM strengthen its leadership in the EV market.”

The new factory is expected to increase GM’s U.S. battery cell capacity to about 160 gigawatt hours. General Motors made a commitment to sell only electric vehicles by 2035.

It is also expected six of the company’s electric vehicles will benefit from U.S. Inflation Reduction Act.

The announcement coincided with the South Korean President Yoon Suk Yeol to the United States. This visit marked the 70th anniversary of the two countries alliance.