GM Said to Plan Sale of Indiana Battery Venture to Samsung SDI

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Or sign-in if you have an account.(Bloomberg) — General Motors Co. is poised to sell its half of a planned $3.5 billion electric-vehicle battery joint venture in Indiana to partner Samsung SDI, according to people familiar with the matter.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountSamsung SDI is set to buy the 680-acre property, take over the joint venture and own the battery-making facility in New Carlisle, Indiana, that GM had hoped would be needed to build enough power storage for an era of growing EV demand. It isn’t clear what Samsung SDI will do with the facility, said the people, who asked for anonymity to discuss an announcement expected Tuesday in Seoul.Samsung SDI didn’t immediately respond to a request for comment. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againGM’s move away from battery production is the latest in a long pullback by the automaker, which had hoped to be selling 1 million EVs a year in the US by now. Despite a huge push by GM and other companies, EV demand has fallen short of expectations as American consumers demurred on plug-ins and the Trump administration removed federal sales incentives that could have helped demand.As a result, GM has taken $11 billion in writedowns for its EV programs, sold back its share of one planned battery plant to another South Korean partner, LG Energy Solution, and converted an assembly plant in suburban Detroit to make large trucks and SUVs that burn gasoline. The Ultium Cells LLC venture jointly owned by GM and LG Energy Solution in Tennessee has also started making cells for stationary energy storage.The Indiana plant was announced just two years ago as an investment between GM and Samsung SDI that would eventually employ 1,600 people and targeted mass production in 2027. But the two companies delayed the project as EV sales stalled.GM has spent $300 million so far developing the site, which has a completed building but hasn’t yet added any production equipment.Detroit-based GM has bet $35 billion on self-driving cars and EVs under Chief Executive Officer Mary Barra. Barra has said GM remains committed to developing EVs, but has to build what the market wants. Lately, EVs have accounted for only about 5% of sales, while gasoline-electric hybrids have sold more strongly in the US.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.