Samsung SDI to build battery plant with GM -Yonhap

[1/2] A general view of the Samsung SDI battery factory in God, Hungary, December 12, 2022. REUTERS/Marton Monus

SEOUL, March 3 (Reuters) - Samsung SDI (006400.KS) will team up with General Motors (GM.N) to build a battery manufacturing plant, Yonhap news agency reported on Friday.

The two are expected to sign an agreement on Wednesday to build the factory in the U.S. state of Michigan, the report said, citing industry sources.

Samsung SDI is reviewing various ways to cooperate with multiple OEMs (original equipment manufacturers) but cannot comment on any details, a Samsung SDI official told Reuters.

The Yonhap report said final details on production capacity and location are still under discussion.

Last year, Samsung SDI and Stellantis NV (STLAM.MI) announced plans to invest more than $2.5 billion to build a new joint venture battery plant in Kokomo, Indiana, as the Chrysler parent ramps up electric vehicle production plans.

Reporting by Hyunsu Yim Editing by David Goodman

Our Standards: The Thomson Reuters Trust Principles.

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