| | MAY 20238IN FOCUSKOREAN BATTERY MAKERS STRENGHTEN EV ALLIANCE IN THE US TO TACKLE IRAAZIZI TEAMS UP WITH GERMAN GROUP FOR DUBAI WATERFRONT PROJECTIn reaction to the protectionist Inflation Reduction Act, South Korean battery and automakers are investing significant sums of money to establish joint ventures for electric vehicle batteries in the US, according sources.Samsung SDI revealed plans to establish the US joint venture with General Motors. The location of the transaction and its specifics were kept confidential.With a $3 billion investment, the plant will be able to produce 30 gigawatt-hours of batteries annually, enough to power almost 200,000 electric vehicles. Production is scheduled to begin in 2026.The production plant will create cylindrical lithium-ion batteries measuring 46 millimetres in width and 80 millimetres in length for Samsung that will be used in GM electric vehicles.GM, who had primarily installed pouch-shaped batteries, would expand its EV battery portfolio with Samsung's batteries, according to sources.Through the joint venture Ultium Cells, which has three battery manufacturing facilities in Ohio, Tennessee, and Michigan, GM had maintained close business links with LG Energy Solution, a competitor of Samsung.Previously, GM was in negotiations with LG to construct its fourth plant, but as the talks broke down, the company decided to go with Samsung.The planned facility with GM will be at the vanguard of its developing footprint in the US, the third-largest EV market in the world, following its initial joint venture with Stellantis in Indiana."We will make our best efforts to support GM in cementing its EV leadership with high quality and stable battery products", said Samsung SDI CEO Choi Yoon-ho in a statement.Additionally, the Hyundai Motor Group announced its intention to invest $5 billion in Georgia, the US, to create a joint venture with the Korean battery manufacturer SK On. Each of the two will own 50 percent of the company's shares. For its upcoming Beachfront I project within its upscale waterfront development, Riviera, at MBR City in Dubai, UAE-based Azizi Developments has teamed with Peri, the German producer and provider of formwork and scaffolding systems. The three 14-story complexes, totaling 439 apartments, will include 252 studios, 84 one- and two-bedroom houses, 19 retail spaces, and seaside living in the heart of Dubai. Each structure has direct beach access, swimming pools, expansive landscaped grounds, fully equipped gyms, barbeque areas, children's play areas, and yoga rooms. It is situated on the banks of Azizi's 2.7-km-long swimmable crystal lagoon. The community would also include a number of basketball and tennis courts, a sizable running and cycling track, and countless other amenities, it said, giving inhabitants a dynamic living environment that encourages a genuine sense of belonging.On the deal, CEO Farhad Azizi said: "Working with Peri to source formwork and scaffolding systems for our Beachfront I project in Riviera excites us, not only due to them being undisputed market leaders, but also with them being a family-run business that fully understands the importance of putting customer satisfaction at the forefront of their operations, just like us".Peri was established in 1969 in Weißenhorn, Germany, and has been a leader in formwork and scaffolding technology for almost 50 years. Peri's success is a result of its dedication to ensuring that customers' needs and wants are fulfilled and exceeded.
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