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GM Plans to Sell Its Half of Indiana Battery Venture to Samsung SDI, Bloomberg News Reports
Samsung SDI will convert the plant to energy storage system production after buying GM’s 49.99% stake, the companies said.
- On Monday, General Motors agreed to sell its 49.99% stake in the $3.5 billion SynergyCells joint venture in Indiana to partner Samsung SDI, making the battery maker sole owner and operator of the upcoming facility.
- Slower-than-Expected EV demand growth since the 2024 partnership launch prompted the ownership change; Reuters reported that construction at the plant had slowed amid weak demand for electric vehicles.
- Samsung SDI will buy the 680-acre property to produce batteries for energy storage systems , responding to rapidly growing demand in the United States, while the site was originally designed to build prismatic cells for General Motors' electric cars.
- Despite ending the joint venture, Samsung SDI signed a new agreement with General Motors to jointly develop next-generation prismatic battery cells for future EV applications, as the companies decided to pursue alternative cooperation forms.
- Expected to go online next year, the New Carlisle facility will be Samsung SDI's first independently operated battery production base in North America; a company official said the decision aims to continue the strategic partnership with General Motors.
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GM Bails on Joint EV Battery Plant With Samsung: TDS
The Indiana battery plant, announced in 2023, was to be a 50/50 joint venture between GM and Samsung. Now, it'll just be Samsung's. The post GM Bails on Joint EV Battery Plant With Samsung: TDS appeared first on The Drive.
·Miami, United States
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Samsung SDI purchased 49.9% of General Motors (GM)'s stake in SynergyCells, a $3.5 billion battery joint venture in the United States, closing this partnership in the midst of slowing down demand for electric vehicles. Exclusive material for subscribers. To have full access, access the material link and register.
·Rio de Janeiro, Brazil
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Total News Sources23
Leaning Left3Leaning Right4Center7Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 21%
C 50%
R 29%
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