Announcement
Samsung SDI announced that it will acquire General Motors’ 49.99% equity stake in the Indiana battery joint venture, known as Synergy Cells, thereby terminating the partnership and taking full ownership of the facility. The move is attributed to weaker‑than‑expected electric‑vehicle (EV) demand, prompting a strategic shift to repurpose the completed New Carlisle, Indiana building for energy‑storage systems and other advanced battery applications.
Background of the Joint Venture
The collaboration between Samsung SDI and GM was unveiled in 2024 with a planned investment of US$3.5 billion to construct a battery plant in New Carlisle, Indiana. The original timeline targeted the start of mass production in 2027 and an annual production capacity of approximately 27 gigawatt‑hours (GWh) of EV batteries. Bloomberg reported that GM had already invested about US$300 million in site development; the building is complete but production equipment has not yet been installed.
Revised Strategic Focus
Following the acquisition, Samsung SDI intends to redirect the plant’s output toward the U.S. energy‑storage market, which it views as having stronger growth prospects than the EV battery segment under current market conditions. The companies also stated that they will continue cooperating on the development of next‑generation prismatic batteries, preserving a broader strategic relationship despite the termination of the Indiana JV.
Market Reaction
Shares of Samsung SDI closed at 459,500 won, down 4.6% on the day, after reaching an intraday low of a 5.2% decline. The stock underperformed the broader KOSPI index, which posted a 0.7% gain.
Sources and Publication Details
The news was first reported by Bloomberg, with the repurposing plan later confirmed by the Wall Street Journal. The article was authored by Ayushman Ojha and published on 11‑08‑2026 at 10:44 am, with an update at 12:46 pm. Roushni Nair contributed to the reporting.