06:23 AM EDT, 08/28/2024 (MT Newswires) -- General Motors ( GM ) and Samsung SDI have completed and signed an agreement to establish a joint venture to supply electric vehicle batteries in the US, Samsung SDI said Wednesday.

The two companies will invest about $3.5 billion to build a new EV battery plant with an initial annual production capacity of 27 gigawatt hours expected to rise to 36 gigawatt hours and a production target date of 2027.

The 680-acre plant will be built in Indiana and is expected to create over 1,600 jobs.

Samsung SDI reached an agreement with General Motors ( GM ) on the EV battery venture in April of last year and has since been working to finalize the deal's details.

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