SEOUL, March 31 (Reuters) – South Korea’s Samsung SDI said it plans to lend 1.6 trillion won ($1.05 billion) to StarPlus Energy, its battery joint venture with Stellantis. The company said in a regulatory filing that the loan would be used to fund capital investment. Last month, Bloomberg reported that Stellantis was looking to exit […]
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Samsung SDI to lend $1.05 billion to Stellantis JV StarPlus Energy
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SEOUL, March 31 (Reuters) – South Korea’s Samsung SDI said it plans to lend 1.6 trillion won ($1.05 billion) to StarPlus Energy, its battery joint venture with Stellantis.
The company said in a regulatory filing that the loan would be used to fund capital investment.
Last month, Bloomberg reported that Stellantis was looking to exit its U.S. battery joint venture with Samsung SDI as the automaker scales back its electric vehicle plans.
The report came after Stellantis announced more than $26.5 billion in writedowns, hammering its shares as traditional automakers pay the price of misjudging the switch to cleaner driving.
Shares of Samsung SDI were trading up 0.6% in morning trade compared with the benchmark KOSPI index’s 2.6% fall.
($1 = 1,526.9000 won)
(Reporting by Heejin Kim and Heekyong Yang; Editing by Himani Sarkar and Jamie Freed)