General Motors Co (GM) and Samsung SDI are set to establish an over $3 billion electric vehicle battery cell manufacturing facility in Indiana, which is expected to initiate production in 2026.
Located near New Carlisle, Indiana, the plant is meant to have a production capacity of 30 gigawatt hours per year.
The facility, which will create 1,700 jobs, will produce high-nickel prismatic and cylindrical battery cells, the companies said.
“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,” Samsung SDI Chief Executive Officer Yoonho Choi was quoted as saying by Reuters.
The US auto maker projects to assemble 400,000 electric vehicles in North America from 2022 through mid-2024 and to ramp up capacity in the region to 1 million vehicles per year in 2025.
The shares of General Motors Company (GM) closed 2.67% ($0.98) higher at $37.65 in New York on Tuesday, as they extended the gains from the previous two market sessions.
The auto maker’s total market cap now stands at $52.338 billion.
The shares of General Motors Company went down 42.62% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 11.92% so far this year.
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