The cooling of the North American electric vehicle market is forcing South Korean battery companies to readjust the pace of expansion in the US. According to a report by Reuters on the 11th, South Korean battery manufacturer Samsung SDI has decided to terminate the battery joint venture agreement with GM in Indiana. Samsung SDI will acquire 49.99% of GM's shares, while the original joint venture factory Synergy Cells will be wholly operated by Samsung SDI. This factory was originally an important project for Samsung SDI and GM to lay out electric vehicle batteries in the US. South Korea's “Chosun Ilbo” reports that the two sides announced a joint investment of 3.5 billion US dollars in 2024 to build a battery plant with an annual production capacity of 27 gigawatt-hours in Indiana, and plan to start large-scale mass production in 2027. In May of this year, Reuters revealed that due to the weakening market environment, the construction progress of the plant had slowed down. Samsung SDI said in a statement that market changes after the official announcement of the comprehensive equity adjustment project include “lower than expected growth in demand for electric vehicles.” The two sides decided to end the original joint venture model and explore new forms of cooperation at the same time.

The cooling of the North American electric vehicle market is forcing South Korean battery companies to readjust the pace of expansion in the US. According to a report by Reuters on the 11th, South Korean battery manufacturer Samsung SDI has decided to terminate the battery joint venture agreement with GM in Indiana. Samsung SDI will acquire 49.99% of GM's shares, while the original joint venture factory Synergy Cells will be wholly operated by Samsung SDI. This factory was originally an important project for Samsung SDI and GM to lay out electric vehicle batteries in the US. South Korea's “Chosun Ilbo” reports that the two sides announced a joint investment of 3.5 billion US dollars in 2024 to build a battery plant with an annual production capacity of 27 gigawatt-hours in Indiana, and plan to start large-scale mass production in 2027. In May of this year, Reuters revealed that due to the weakening market environment, the construction progress of the plant had slowed down. Samsung SDI said in a statement that market changes after the official announcement of the comprehensive equity adjustment project include “lower than expected growth in demand for electric vehicles.” The two sides decided to end the original joint venture model and explore new forms of cooperation at the same time.