Samsung SDI is planning to expand its electric vehicle battery production capacity in North America through the forming of new joint ventures and building more factories, the company CEO said on Wednesday.
This was because the EV market is expected to continue to grow, Samsung SDI CEO Yoonho Choi said during the company’s annual shareholders’ meeting.
The battery maker has joint venture agreements with General Motors and Stellantis to build factories in North America.
He said that the original MOU with General Motors, which the company is planning to build joint factories with, included the production of cylindrical and prismatic batteries and they would produce both battery types.
Samsung SDI and General Motors previously said they would secure a production capacity of 20GWh per year.
On when its joint venture with Stellantis Startplus Energy will start factory operations, the CEO said it was working to start production as fast as it can and will share the timeline when it is decided on.
Starplus Energy is building two factories, one with an annual capacity of 33GWh and another with 34GWh.
Choi also reiterated Samsung SDI’s plan to start production of solid-state batteries in 2027, saying that it was an area and the company was overwhelmingly doing well compared to competitors.
Meanwhile, South Korean rivals SK On and LG Energy Solution are also expanding their production capacity in North America.
SK On, through its joint venture with Ford BlueOval SK, is planning to build three factories. It is also planning to build two on its own. The five factories combined on completion will have an annual capacity of 150GWh.
LG Energy Solution has joint ventures with General Motors, Hyundai Motor, Honda, and Stellantis. Ultium Cells, its joint venture with General Motors, already runs three factories. Once the factories with other partners are live, LG Energy Solution said it expects an annual production capacity of 300GWh in North America.
