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(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.
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Samsung 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.
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Samsung SDI didn’t immediately respond to a request for comment.
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GM’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.
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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.
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The Ultium Cells LLC venture jointly owned by GM and LG Energy Solution in Tennessee has also started making cells for stationary energy storage.
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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.
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GM has spent $300 million so far developing the site, which has a completed building but hasn’t yet added any production equipment.
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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.
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