General Motors Co. GM and South Korea-based Samsung SDI Co. Ltd. KR:006400 announced Tuesday plans to invest more than $3 billion to build a battery cell manufacturing plant in the U.S. to scale electric-vehicle capacity. The companies did not announce the location of the plant but said it targets the beginning of operations in 2026. The plant is expected to create “thousands” of jobs. The facility will be jointly operated by GM and Samsung, and it is projected to have production lines to build nickel-rich prismatic and cylindrical cells. “GM’s supply chain strategy for EVs is focused on scalability, resiliency, sustainability and cost-competitiveness. Our new relationship with Samsung SDI will help us achieve all these objectives,” said GM Chief Executive Officer Mary Barra. “The cells we will build together will help us scale our EV capacity in North America well beyond 1 million units annually.” GM also reported Tuesday first-quarter profit and revenue that beat expectations and raised its full-year outlook. GM’s stock, which jumped 3.2% in premarket trading, has gained 1.9% year to date through Monday while the S&P 500 SPX has advanced 7.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.