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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.99% stake, citing weaker-than-expected electric vehicle demand.
SAIC-GM will increase focus on the Buick and Cadillac brands and plan to launch at least 30 new energy vehicles in the China market by 2030.
SAIC-GM has been operating in China's automotive sector since 1997, with cumulative production and deliveries surpassing 20 million vehicles.
General Motors (NYSE:GM) has renewed its joint venture with China’s SAIC Motor for another 20 years, marking a new chapter for the partnership after a major restructuring of its operations in the Chinese market that included factory closures and a streamlined vehicle lineup. The renewed agreement preserves the companies’ 50-50 ownership structure and places greater emphasis on developing vehicles within China to better meet the preferences of local consumers.
The partnership plans to launch at least 30 new-energy vehicles by 2030 and deploy tech solutions developed in China for the Chinese market.
General Motors will leverage Micron's memory expertise for vehicle production.
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