In a significant blow to the electric vehicle (EV) industry, General Motors has announced it will sell its stake in a $3.5 billion battery joint venture in Indiana to Samsung SDI. The move marks the latest in a series of retreats by GM from EV production, citing weak demand for its electric vehicles. The joint venture, which was initially intended to supply batteries to GM's EV lineup, is now set to be fully owned by Samsung SDI, a South Korean electronics giant. This development raises questions about the future of GM's EV ambitions and the potential impact on the company's commitment to reducing its carbon footprint.
General Motors will sell its half of a planned $3.5 billion battery joint venture in Indiana to Samsung SDI, marking another retreat from EVs amid weak demand.
