:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1237977593-6ae7a77626c14a6899b5af5a0db4c129.jpg)
KEY TAKEAWAYS
- General Motors is delaying the start of production at its Indiana battery plant by a year to 2027.
- The delay marks the latest retreat by the largest U.S. automaker on softer-than-expected electric vehicle (EV) demand.Â
- GM is teaming up with Samsung SDI to invest around $3.5 billion for a plant scheduled to start mass production in 2027, with the plant expected to employ some 1,600 people.
General Motors (GM) is pushing back the start of production at its Indiana battery plant by a year to 2027, the latest retreat by the largest U.S. automaker on softer-than-expected electric vehicle (EV) demand.
GM is teaming up with Samsung SDI to invest around $3.5 billion for a New Carlisle, Ind., plant that is targeted to start mass production in 2027 and expected to employ more than 1,600 people, the South Korean firm said. Last year, the companies said the joint venture would “aim to start mass production in 2026.”
GM Already Delayed Second US Electric Truck Plant
GM already had delayed plans for a second U.S. electric truck plant and the Buick brand’s first EV.
Last week, rival Ford (F) said it had canceled plans for a three-row all-electric SUV and the production of a new electric pickup truck.
GM shares are edging lower in premarket trading but are up almost 40% this year.