Samsung SDI acquires GM's stake in US battery joint

Samsung SDI, the South Korean company, announced its acquisition of General Motors' 49.99% stake in a joint venture for electric vehicle battery production in Indiana, following the conclusion of the agreement. This move comes amid a decline in demand for electric vehicles compared to earlier forecasts. The fully owned unit will now serve to meet the battery demand across various applications, including energy storage systems and electric cars, with investment plans amended following the shift to full ownership. The mass production of the project was scheduled to begin in 2027, with an annual target of 27 gigawatt-hours.

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