General Motors is selling its 49.99% stake in SynergyCells to partner Samsung SDI. The Indiana-based battery joint venture is valued at $3.5 billion. Samsung SDI will assume full ownership of the facility, marking its first wholly-owned battery plant in North America.
GM attributed the divestment to shifting market conditions and slower-than-expected electric vehicle demand. Despite dissolving the joint venture, the two companies signed a new agreement to co-develop advanced prismatic batteries for future GM vehicles.
Samsung SDI plans to use the New Carlisle plant to produce next-generation EV batteries. The facility will also support the company's expansion into the growing energy storage system market.