[Featured Stock] Samsung SDI Rises on News of Electric Vehicle Battery Joint Venture with GM

Samsung SDI's stock price is on the rise. It is interpreted that buying momentum surged following the news of establishing a joint venture for electric vehicle batteries with the U.S. automaker GM.

As of 9:51 a.m. on the 28th, Samsung SDI is trading at 348,000 KRW, up 2.96% from the previous day.

Samsung SDI announced on the same day that it has signed a definitive agreement to establish a joint venture with GM for electric vehicle battery production in the United States.

The two companies previously signed a memorandum of understanding (MOU) in March last year to establish the electric vehicle battery joint venture and have been discussing detailed matters such as site selection.

Samsung SDI and GM plan to invest approximately 3.5 billion USD to build a factory with an initial annual production capacity of 27 GWh (gigawatt-hours), aiming for mass production in 2027. The production capacity is expected to expand to 36 GWh in the future.