Samsung SDI gains sole control of its first North American battery facility amid slower-than-expected EV demand growth.
Samsung SDI has purchased General Motors’ 49.99% stake in their joint venture, SynergyCells, securing full ownership of a battery plant under construction in New Carlisle, Indiana. The move follows a shift in market conditions, with EV demand growing more slowly than initially projected, prompting the unwinding of the joint venture structure established in May 2023.
The facility, once operational, will initially focus on producing batteries for energy storage systems rather than electric vehicles, reflecting strong demand in the U.S. ESS market. Despite the dissolution of the joint venture, GM and Samsung SDI will continue collaborating through a joint development agreement targeting next-generation prismatic battery cells for potential future EV applications.
Financial terms of the acquisition remain undisclosed. The Indiana plant is expected to eventually produce prismatic cells developed under the new partnership, which emphasizes high energy density and fast-charging capabilities.