Samsung SDI Rallies After News on Battery JV With GM

By Kwanwoo Jun

Samsung SDI Co.'s shares rallied Monday after news reports that it and General Motors Co. plan to launch an electric-vehicle battery joint venture in the U.S.

Shares of the South Korean battery maker rose as much as 5.9% to 774,000 won in morning trade, putting the stock on course to post its strongest daily percentage gain in more than four months and outperforming the broader stock benchmark Kospi's 1.1% gain.

The rally came after South Korean media during the weekend reported that Samsung SDI and GM could jointly build a KRW5 trillion ($3.86 billion) battery plant in Michigan, with both sides reportedly set to sign a memorandum of understanding on the project on March 8.

Samsung SDI officials weren't immediately available for comment on the news reports.

The Samsung SDI-GM plant, if built, could have annual battery production capacity of up to 50 gigawatt hours, enough to make 600,000 EVs, according to the reports.

Samsung SDI is currently building a separate JV battery plant with Stellantis NV in Indiana.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

March 05, 2023 23:51 ET (04:51 GMT)

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