GM sells Indiana battery stake to Samsung
Samsung SDI announced that it has fully acquired General Motors' 49.99% stake in the electric vehicle battery project in Indiana, with a total value of $3.5 billion. Samsung will independently manage the project, making it their first manufacturing center in North America, with the aim of producing energy storage cells alongside vehicle batteries. This acquisition comes amid declining electric vehicle sales at General Motors, which has written down $11 billion of its electric assets, sold its stake in factories, and shifted other investments. The company continues to focus on hybrid vehicles due to weak demand for fully electric cars.
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