Samsung SDI extends maturity on $1.05 billion loan to Stellantis joint venture
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A general view of the Samsung SDI battery factory in God, Hungary, December 12, 2022. REUTERS/Marton Monus
SEOUL, March 31 (Reuters) - South Korea's Samsung SDI said it has extended the maturity of a 1.6 trillion won ($1.05 billion) loan to StarPlus Energy, its battery joint venture with Stellantis.
The company said in a regulatory filing that the loan, which will be used to fund capital investment, has its term extended from March 31, 2026, to June 30, 2026. The loan was first announced in April 2024.
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.
Stellantis previously 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 in Samsung SDI closed 1.1% down outperforming a 4.3% fall for the benchmark KOSPI index.
($1 = 1,526.9000 won)
(Reporting by Heejin Kim and Heekyong YangEditing by Himani Sarkar, Jamie Freed and David Goodman)
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