□ Prospective joint venture to invest over $3 billion for more than 30GWh annual capacity 

□ Samsung SDI CEO Yoon-ho Choi remarks, “We will provide the products featuring the highest levels of safety and
quality produced with our unrivalled technologies to help GM strengthen its leadership in the EV market.”

□ General Motors CEO Marry Barra says, “The cells we will build together will help us scale our EV capacity in North America”

SEOUL, Korea – April 25, 2023 

Samsung SDI and General Motors (GM) today announced that they have agreed to establish a joint venture (JV) to manufacture battery cells for electric vehicles in the United States.

Samsung SDI said the company and GM plan to invest over $3 billion in the JV that would have an annual production capacity of more than 30 gigawatts-hour. The prospective JV will aim to start mass production in 2026.

Through the new JV plan, Samsung SDI will be able to further enhance its penetration into the U.S. market by establishing its second battery manufacturing facility in the country, while securing GM as a new customer in the market. 

The JV will be dedicated to producing high-performing, nickel-rich prismatic and cylindrical batteries that will be exclusively supplied for GM’s upcoming electric vehicles. 

Samsung SDI and GM are not announcing other details of the partnership, such as the location of the plant or an estimated employment, at this time. However, it is anticipated that thousands of jobs will be created through the JV establishment.

“It is a great pleasure to take the very first step to create a long-term industry-leading partnership with GM in the U.S. electric car market,” remarked Samsung SDI President and CEO Yoon-ho Choi. "We will do our best to provide the products featuring the highest levels of safety and quality produced with our unrivalled technologies to help GM strengthen its leadership in the EV market."

“GM’s supply chain strategy for electric vehicles is focused on scalability, resiliency, sustainability and cost-competitiveness.

Our new relationship with Samsung SDI will help us achieve all these objectives,” said GM Chair and CEO Mary Barra. “The cells we will build together will help us scale our EV capacity in North America well beyond 1 million units annually.”