South Korean battery manufacturer Samsung SDI Co Ltd has announced a USD 2 billion investment plan to construct a second joint electric vehicle (EV) battery plant in partnership with Stellantis NV in the United States. The company revealed its intentions through a regulatory filing, stating that the investment project will run from April to November 2027.
Expanding EV Battery Production
This expansion comes as part of the growing global demand for electric vehicles and EV components. In a bid to cater to this surging demand, Samsung SDI and Stellantis NV previously announced their collaboration to establish a joint-venture plant in the United States. This facility is designed to have an annual production capacity of 34 gigawatt hours (GWh) and is expected to commence production operations by the year 2027.
Samsung SDI’s Strategic Move
Samsung SDI’s substantial investment reaffirms the company’s commitment to playing a significant role in the electric vehicle battery market. As the EV industry continues to evolve, this move positions the South Korean battery maker to meet the battery requirements of automakers and support the broader shift towards sustainable transportation.
The decision also aligns with the global push to reduce carbon emissions and transition to cleaner energy sources, with electric vehicles playing a pivotal role in achieving these environmental goals.
Overall, Samsung SDI’s substantial investment in a second EV battery plant highlights the company’s dedication to staying at the forefront of the burgeoning electric vehicle industry in the United States and worldwide.