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GM pulls out of battery project Samsung wins
General Motors intends to sell its stake in a joint venture for electric vehicle battery manufacturing worth $3.5 billion to its South Korean partner, Samsung SDI, in order to bolster the company's investments in battery production within the United States. This move comes in response to declining demand for electric vehicles and the cancellation of government incentives, which have slowed down battery projects and led to reduced expansion plans. Samsung will become the sole owner of the Indiana factory, which is expected to begin production in 2027 and aims to produce 27 gigawatt-hours annually. This shift reflects a more cautious approach by automakers and a retreat from aggressive expansion plans in the electric vehicle market, with a greater focus on energy storage solutions and renewable energy projects.
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