SEOUL: Troubled automaker Stellantis is reportedly looking to exit a joint venture with South Korea’s Samsung SDI to manufacture electric vehicle batteries in the United States.
The companies pledged in 2022 to pour billions of dollars into building batteries through jointly owned StarPlus Energy, capitalising on surging enthusiasm for planet-friendly electric vehicles.
But Stellantis – which owns popular brands like Jeep and Fiat – is now mulling options to cut its losses as it confronts gloomier than expected projections, Bloomberg reported on Tuesday evening.