A $3 billion electric vehicle battery plant will be built in the United States by the South Korean battery manufacturer Samsung SDI in collaboration with General Motors.
Yoon Suk Yeol, the president of South Korea, made the announcement while on a six-day state visit to the US with the aim of fostering closer economic and security relations between the two steadfast friends.
The South Korean company stated in a statement that although the facility's location has not yet been chosen, it is anticipated to be fully operational and prepared to begin mass production in 2026.
According to Samsung, the new factory would have "an annual production capacity of more than 30 gigawatts-hour" and it was anticipated to generate thousands of employment.
It stated that General Motors would be the only recipient of the battery cells.
According to Samsung SDI CEO Choi Yoon-ho, the batteries that will be produced at the site "will help GM strengthen its leadership in the EV market."
Vietnam, China, Hungary, and other countries already have EV battery plants run by Samsung SDI.
It is a member of the sizable Samsung group, whose flagship company Samsung Electronics is among the largest chip and smartphone manufacturers in the world.
The joint venture will help GM expand its annual electric vehicle capacity in North America "well beyond 1 million units annually", said GM CEO Mary Barra.