General Motors (GM) teams up with Samsung to build Michigan battery plant

Yonhap news agency reported Friday that battery and electronic materials manufacturer Samsung SDI will team up with American automaker, General Motors (NYSE: GM) to build a battery manufacturing plant in Michigan.

According to the report, the two entities are expected to sign the agreement on Wednesday. Final details on production capacity and location are still under discussion.

Last year, Samsung SDI and Stellantis (NYSE: STLA) 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.

Shares of GM are up 3.50% near end of day trading on Friday.

By Michael Elkins | [email protected]

You May Also Be Interested In

• UBS Reiterates Buy Rating on General Motors (GM) as Defense Opportunity in Focus
• BofA lifts price target on this major chipmaker as order book fills into 2027
• Cal-Maine Foods adds two independent directors, expanding board to ten