UK Media: The U.S. electric vehicle market is cooling down, and investments from South Korean battery companies are changing.

The North American electric vehicle market is cooling, prompting South Korean battery companies to readjust their expansion pace in the U.S. According to a report by Reuters on the 11th, South Korean battery manufacturer Samsung SDI has decided to terminate its battery joint venture agreement with General Motors in Indiana. Samsung SDI will acquire the 49.99% stake held by GM, and the original joint venture plant, Synergy Cells, will be wholly operated by Samsung SDI. This factory was originally an important project for Samsung SDI and General Motors to develop electric vehicle batteries in the U.S. The South Korean newspaper Chosun Ilbo reported that the two parties announced a joint investment of $3.5 billion in 2024 to build a battery plant with an annual production capacity of 27 gigawatt-hours in Indiana, aiming to commence mass production by 2027. In May of this year, Reuters disclosed that the construction progress of the plant had slowed due to a weakening market environment. Samsung SDI stated in a statement that this equity adjustment takes into account the market changes after the project announcement, including "the growth of electric vehicle demand being lower than expected." The two parties have confirmed the termination of the original joint venture model while exploring a new form of cooperation.