KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Samsung SDI, the South Korean battery maker, has finalized a deal with General Motors (GM) to build a joint electric vehicle (EV) battery manufacturing plant in Indiana, USA. The project, which involves an investment of approximately $3.5 billion, marks a significant step in both companies' efforts to expand their presence in the growing EV market.
Key Takeaways:
Significant Investment and Capacity Expansion: The new joint venture will initially have an annual production capacity of 27 gigawatt hours (GWh), with plans to begin mass production in 2027. The plant's capacity is expected to potentially increase to 36GWh under future expansion plans, producing prismatic battery cells that will be added to GM's battery technology portfolio.
Strategic Partnership and Technology Development: The partnership between Samsung SDI and GM aims to enhance the performance and reduce the costs of EV batteries, supporting GM's broader electrification strategy. The plant will produce both nickel-rich prismatic and cylindrical cells, diversifying GM's battery cell production capabilities.
Market Impact and Future Outlook: The announcement of the finalized deal led to a rise in Samsung SDI’s shares by as much as 3.2% in morning trading, indicating positive market reception. Despite GM's recent reduction in its 2024 EV production forecast, the collaboration underscores the company's commitment to scaling up its EV offerings in the future.
This joint venture reflects the increasing importance of battery technology in the automotive industry and the strategic moves by major players to secure their positions in the competitive EV market. The Indiana plant will play a crucial role in supporting GM's EV production targets and advancing battery technology innovations.
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