Is Samsung’s $3.5 billion EV battery deal with GM on hold?

In August 2024, Samsung SDI and General Motors agreed on a $3.5 billion project to establish an electric vehicle battery manufacturing plant in Indiana, USA. However, the initiative is now reportedly on hold as General Motors reassesses its electric vehicle strategy amid lower-than-anticipated demand. The Indiana Economic Development Corporation has confirmed the pause, attributing it to a decline in EV demand following the reduction of US government incentives. The companies are considering several options, including a shift to lithium iron phosphate battery chemistry or a potential withdrawal of General Motors from the joint venture, similar to its previous exit from a collaboration with LG Energy Solutions.