SEOUL (Reuters) -South Korea's Samsung SDI said on Wednesday it has completed an agreement with General Motors ( GM ) to build a joint electric vehicle (EV) battery factory in the U.S. state of Indiana.

The two companies will invest approximately $3.5 billion to build a new battery cell manufacturing plant with an annual production capacity of 27 gigawatt hours (GWh) initially, Samsung SDI said in a statement.

The South Korean battery maker said the joint plant aims for mass production in 2027 and annual capacity is expected to rise to 36 GWh under expansion plans.

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