Key facts
- General Motors plans to sell its stake in an Indiana battery venture.
- Samsung SDI is the reported buyer of GM's stake.
- The Indiana battery joint venture is valued at $3.5 billion.
- Construction at the Indiana plant had slowed due to weaker EV demand.
- Imperial Brands plans to cut thousands of jobs.
- Job cuts will affect the United States and Europe.
- Some roles at Imperial Brands may be outsourced.
- Imperial Brands aims to reduce costs.
- GM's venture is for electric vehicle batteries.
General Motors is reportedly planning to divest its stake in a significant electric vehicle battery joint venture located in Indiana. The partner in this venture, Samsung SDI, is the reported recipient of GM's stake. This joint venture was initially valued at $3.5 billion. Construction at the Indiana battery plant had previously experienced a slowdown, attributed to a decrease in demand for electric vehicles.
In a separate development, Imperial Brands is initiating a substantial cost-reduction strategy that includes eliminating thousands of jobs. These layoffs are slated to occur in key markets such as the United States and Europe. The company intends to streamline operations by cutting roles across various departments. Some of the affected positions may be filled through outsourcing.