Key facts
- General Motors is reportedly planning to sell its stake in a $3.5 billion electric vehicle battery joint venture in Indiana to partner Samsung SDI.
General Motors is reportedly planning to sell its stake in a planned $3.5 billion electric vehicle battery joint venture in Indiana to its partner, Samsung SDI. Construction at the plant had previously slowed due to weaker EV demand.
The potential sale reflects a broader slowdown in EV demand and a strategic shift by automakers, impacting future battery production capacity and the competitive landscape in the electric vehicle supply chain.
General Motors is reportedly planning to sell its stake in a $3.5 billion electric vehicle battery joint venture in Indiana to its partner, Samsung SDI, according to a Bloomberg News report citing sources familiar with the matter. The construction at the planned facility had previously slowed due to decreased demand for electric vehicles.
Automakers, including GM, have scaled back EV manufacturing following the loss of a $7,500 federal tax credit last September, adjusting factory output to match current demand. The joint venture, announced two years ago, was initially projected to have an annual production capacity of 27 gigawatt hours and begin mass production in 2027.
Under the reported deal, Samsung SDI would acquire the 680-acre property and take over the joint venture, owning the battery-making facility in New Carlisle, Indiana. Neither GM nor Samsung SDI immediately responded to requests for comment. In a separate development, GM and LG Energy Solution announced in March a plan to repurpose an EV battery plant in Tennessee for energy storage systems.