Automaker Stellantis (STLA.US) is seeking to exit its U.S. battery joint venture with South Korea's Samsung SDI.

Previously, as the company was gradually scaling back its electric vehicle operations and striving to preserve cash, it announced last week an asset impairment charge of over 22 billion euros (approximately $26 billion). The cost of exiting the joint venture may be high and the process lengthy. Stellantis may also sell its stake to a third party. After Trump implemented policies that weakened plug-in vehicles, electric vehicle and battery projects have put pressure on the company, and CEO Antonio Filosa is working to contain related losses. Stellantis and Samsung established a joint venture in Indiana in 2021, committing to invest $2.5 billion and create 1,400 new jobs in Kokomo. This plant is Samsung's only battery factory in the United States, began operations in 2024, and has already started producing some battery cells for energy storage.