GM, Samsung SDI Plan $3 Billion U.S. Battery Cell Manufacturing Plant
By Colin Kellaher
General Motors Co. and Samsung SDI Co. on Tuesday said they plan to invest more than $3 billion to build a new battery cell manufacturing plant at an undisclosed U.S. location as part of the Detroit auto maker's electric vehicle push.
GM said the plan, slated to begin operations in 2026, will have more than 30 gigawatt hours of capacity, bringing GM's total U.S. battery cell capacity to about 160 gigawatt hours when it is at full production and helping to push its EV capacity in North America well above one million units a year.
GM and Samsung SDI said they will jointly operate the plant, which will have production lines to build nickel-rich prismatic and cylindrical cells, adding that they expect the number of new jobs in construction and operations at the plant to number in the thousands.
GM said it plans to continue to scale its supply chain and operations, including cell production and vehicle assembly, as customer demand for EVs rises.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 25, 2023 06:10 ET (10:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings and a 56% Rally In 2024, Is Arm Stock a Buy, a Sell, or Fairly Valued?
-
How Morningstar Rates Stocks
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?
-
Home Depot Earnings: Macro Factors Pinch Demand, but Long-Term Outlook Intact
-
Tariffs On Chinese EVs Offer US Automakers a Chance to Capture Demand
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?