Lates News

Car manufacturer Stellantis (STLA.N) is seeking to exit its joint battery venture established with South Korean company Samsung SDI in the United States. The company announced last week that it would write down assets worth over 22 billion euros (approximately 26 billion dollars) as it gradually scales back its electric vehicle operations and aims to preserve cash. The cost of exiting the joint venture may be high and the process could be lengthy. Stellantis may also sell its stake to a third party. Following policy measures by former President Trump to weaken electric vehicles, the electric car and battery projects have put pressure on the company, and CEO Antonio Filosa is working to contain the related losses. Stellantis and Samsung established the joint venture in Indiana in 2021, pledging to invest 25 billion dollars and create 1,400 new jobs in Kokomo. The factory is Samsung's only battery factory in the United States and is set to begin production in 2024, with some battery units already being produced for energy storage.