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GM divests Indiana battery stake to Samsung
Samsung SDI announced that it has fully acquired its 49.99% stake in the electric vehicle battery project in Indiana, which is valued at a total of $3.5 billion. Samsung will now own the entire manufacturing facility in New Carlisle, making it their first independent center in North America dedicated to producing energy storage cells and EV batteries. This facility will support future General Motors vehicles with high energy density and fast charging capabilities. This announcement comes at a time when GM's electric vehicle sales are declining. The company has reduced the value of its electric assets by $11 billion, sold its stake in the battery factory to its partner LG, and converted a Detroit plant from making gasoline trucks. These moves reflect the company's struggles amid market slowdown and shifting demand for electric vehicles.
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