Market Chatter: Samsung SDI to Buy General Motors' Stake in Planned EV Battery Joint Venture-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Market Chatter: Samsung SDI to Buy General Motors' Stake in Planned EV Battery Joint Venture

MT Newswires Live08-11 12:18

Samsung SDI (KRX:006400) looks to purchase General Motors' 50% stake in their planned electric vehicle battery joint venture in Indiana, U.S., Bloomberg News reported Tuesday, citing people familiar with the matter.

The Korean battery and electronics manufacturer will wholly own the $3.5 billion venture as well as acquire the 680-acre property and battery-making facility, the people told the news outlet, adding that the company has yet to determine how it will use the facility.

The move comes as EV battery demand winds down in the US amid the removal of federal sales incentives, which resulted in losses for General Motors, the report said.

Samsung SDI and General Motors did not immediately respond to MT Newswires' requests for comment.

Shares of Samsung SDI fell 3% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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