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Yonhap news agency reported Friday that battery and electronic materials manufacturer Samsung SDI (KS:006400) 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 NV (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.
