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المشهد العربي
Samsung pulls out of GM battery project
Samsung SDI, a South Korean company, announced its withdrawal from a joint battery manufacturing project with General Motors in Indiana, due to a slowdown in demand for electric vehicles. Samsung completed its acquisition of General Motors' 49.99% stake in the joint venture "Synergy Sales," which has an estimated capital of $3.5 billion. The company has decided to rely on its subsidiary, SDI-GM Synergy Sales Holdings, to support diverse markets, including energy storage solutions and batteries. The decision to withdraw resulted from slowing sales and declining demand compared to initial projections, with an agreement to explore alternative collaboration opportunities outside of the canceled project.
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