SEOUL (dpa-AFX) - South Korean battery maker Samsung SDI Co., Ltd. (006400.KS) announced Tuesday that it has ended joint ?venture agreement with General Motors Co. (GM) in Indiana, and acquired GM's 49.99% stake in the battery plant.
Further, both companies entered into a new agreement to jointly develop a next-generation prismatic battery cell for potential future EV applications.
Under the new deal, Samsung SDI and GM will co-develop prismatic batteries, featuring high energy density and fast charging capability.
Regarding the Indiana plant, Samsung SDI said the ownership change was made due to the market changes, including the slower-than-expected growth of EV demand.
The company now plans to utilize the plant, its first independently operated battery production base in North America, for production of batteries for energy storage systems amid the changing market demand.
In the battery plant, which is currently under construction, the firm would produce high-tech batteries for use in various applications.
Once completed, SAMSUNG SDI will start off by utilizing the plant for production of batteries for energy storage systems or ESS following the rapidly growing ESS market in the U.S.
In the future, the plant could potentially include prismatic cells jointly developed with GM, the company noted.
A SAMSUNG SDI official stated, 'While reflecting recent market changes, this acquisition decision is to continue the strategic partnership with GM. We will continue our commitment to an electrified future with the partner, while utilizing the plant to proactively respond to the fast-growing ESS market in the U.S.'
In the pre-market activity on the NYSE, GM shares were trading at $88.19, up 0.26%.
In South Korea, Samsung SDI shares closed Tuesday's trading 4.57 percent lower, at 459,500.00 won.
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