AdvertisementAdvertisementBusinessThe GM logo is displayed at the new location of the General Motors Headquarters in Detroit, Michigan, U.S., January 12, 2026. REUTERS/Rebecca Cook11 Aug 2026 12:30PM (Updated: 11 Aug 2026 01:28PM) Bookmark Bookmark WhatsApp Telegram Facebook Twitter Email LinkedInAdd CNA as a trusted source to help Google better understand and surface our content in search results.Read a summary of this article on FAST.Get bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST Aug 11 : South Korean battery maker Samsung SDI said on Tuesday it will end its joint venture agreement with General Motors in Indiana and acquire the U.S. firm's 49.99 per cent stake, citing weaker-than-expected electric vehicle demand.Here are some details:• Samsung SDI said in a regulatory filing that it plans to use the wholly owned unit - SDI-GM Synergy Cells Holdings - to respond to market demand for batteries across various applications, including energy storage systems (ESS) and EVs.• The company said its existing investment plan would change following the shift to a wholly owned unit, but specific investment plans had not yet been finalised. The company said it would make further disclosures in accordance with regulatory requirements.Show MoreShow Less• "The ownership change was made in consideration of market changes since the joint venture was announced – including the slower-than-expected growth of EV demand. The two partners have now decided to seek other forms of cooperation other than the joint venture," Samsung SDI said in a statement.• Separately, Samsung SDI said it has signed an agreement with GM to jointly develop next-generation prismatic batteries for potential future EV applications.• Reuters had reported earlier this year that construction at the plant had slowed amid weak demand for EVs.• GM and other automakers pulled back on EV manufacturing following the loss of a $7,500 federal tax credit last September. While automakers continue to build and sell EVs, they have lowered factory output to match demand.• The joint venture was announced two years ago and was initially expected to have an annual production capacity of 27 gigawatt hours, with an aim to start mass production in 2027.• In March, GM and LG Energy Solution also announced a decision to transform another EV battery plant in Tennessee to make batteries for ESS.Source: ReutersNewsletterWeek in ReviewSubscribe to our Chief Editor’s Week in ReviewOur chief editor shares analysis and picks of the week's biggest news every Saturday.Sign up for our newslettersGet our pick of top stories and thought-provoking articles in your inboxSubscribe hereGet the CNA appStay updated with notifications for breaking news and our best storiesDownload hereGet WhatsApp alertsJoin our channel for the top reads for the day on your preferred chat appJoin hereAlso worth readingContent is loading...Expand to read the full storyGet bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST