The slowdown in electric cars in the United States is reshaping the industrial alliances built during the great battery race. General Motors has decided to to sell its 49,99% stake in the joint venture to Samsung Sdi created to build the $3,5 billion gigafactory in New Carlisle, Indiana, leaving the South Korean group in full control of the project. A choice that could soon find an echo also in Stellantis' house, which is currently reviewing its North American partnerships in the sector.
While the automotive group led by Antonio Filosa evaluates the future of its joint venture with Samsung Sdi, another operation is coming to the galaxy headed by the Agnelli-Elkann family, this time with a different purpose. Exor strengthens its ties with Philips, obtaining the possibility of up to 22% of the capital of the Dutch healthcare technology group. This move confirms the growing importance of John Elkann's investment outside the traditional automotive sector.
Samsung Takes Control of GM's $3,5 Billion Factory
Samsung Sdi will acquire the entire shareholding held by General Motors in Sdi-GM Synergy Cells Holdings, thus bringing its stake to 100%. The transaction also includes the approximately 680 acres of land on which the Indiana plant is being built.
Il project It was created with the goal of reaching an initial production capacity of 27 GWh per year, with mass production expected to begin in 2027. Meanwhile, however, the scenario has changed. American demand for electric vehicles has grown at a slower pace than forecast when GM and Samsung SDI announced the joint venture in 2024, forcing the groups to reconsider the timing and size of their investments.
Samsung Sdi explained that "the change in ownership structure was decided taking into account the market changes that have occurred since the joint venture was announced, including the slower-than-expected growth in demand for electric vehicles." The two groups will however continue to collaborate in other ways and have reached an agreement to develop next-generation prismatic batteries for possible future GM electric models. For the Korean manufacturer, full control of the plant also offers a greater industrial freedomThe factory will be used not only for automotive batteries, but also for energy storage systems, a market driven by the growth of renewables, electricity grids, and data centers.
Stellantis is considering the same path in the United States
Rethinking battery joint ventures isn't just about General Motors. Stellantis is also reviewing its agreements built during the phase of strong expansion of investments in the electric sector and has reportedly started discussions with Samsung Sdi on the future of StarPlus Energy, the joint venture that manages the Kokomo plants, also in Indiana. Among the scenarios being considered is a possible exit of Stellantis from the partnershipNegotiations are still ongoing, and no separation has yet been formalized. This is therefore a possibility under consideration, not a finalized transaction.
The precedent, however, exists. In February Stellantis has sold for just $100 LG Energy Solutions has sold its 49% stake in NextStar Energy, the joint venture that owns the Windsor, Canada, gigafactory, in which over CAD $5 billion has been invested. LG has assumed full control of the plant, while maintaining battery supply to the automotive group and aiming to allocate a growing share of production to battery storage systems.
The common thread is the search for greater flexibility Faced with an electric car market that is less dynamic than expected in recent years, the production capacity built during the investment boom is thus being scaled back or redirected to alternative uses.
Exor, Elkann strengthens bet on Philips
While Stellantis is evaluating how to reorganize one of the pieces of its American industrial strategy, Exor, the main shareholder of the automotive group and holding company led by John Elkann, strengthens its position in Philips insteadThe Agnelli-Elkann family holding company and the Dutch group haveCollaboration agreement updated existing long-term agreement. Exor, which currently holds approximately 19% of Philips, will be able to increase its stake to 22% of the share capital and voting rights, exceeding the previous ceiling of 20%. A further increase will remain possible, but will be subject to the approval of the Dutch company's Supervisory Board.
The governance balance remains unchanged. Exor will continue to have the right to appoint a member of the Supervisory Board. "Exor's long-term commitment underscores its confidence in Philips and its strategy," said Feike Sijbesma, Chairman of the Supervisory Board of Royal Philips. CEO Roy Jakobs also emphasized that the new agreement supports the 2026-2028 plan and its value creation potential.
Philips increasingly central to Exor's strategy
For Exor, Philips has become one of the holdings symbolizing diversification beyond the automotive sectorThe holding company had entered the group's capital in August 2023 with a 15% share, already foreseeing the possibility of gradually increasing to 20%. Now that threshold is being further increased. "We support Philips' long-term strategy, defined by innovation, value creation, and rigorous execution," he stated. John Elkann. “The updated agreement reflects our continued commitment to Philips as its largest shareholder.”
The Dutch company also occupies a specific place in Exor's most recent strategy. Presenting the 2025 results, Elkann had explicitly spoken of a "Philips model” to describe the type of large-scale investment that the holding intends to favor.
