South Korea’s Samsung SDI will lend 1.6 trillion won ($1.05 billion) to StarPlus Energy, its battery joint venture with Stellantis, according to a regulatory filing.
The funds are intended for capital investments. The move follows reports that Stellantis is seeking to exit the U.S. side of the partnership as it scales back electric vehicle initiatives.
Stellantis recently recorded over $26.5 billion in writedowns, reflecting broader challenges among traditional automakers adapting to EV transitions. Samsung SDI shares rose 0.6% following the announcement, while the KOSPI index fell 2.6%.