GM to Sell Stake in Michigan EV Battery Plant to LG Energy
- LG and GM plant to jointly develop prismatic battery cells
- GM will recoup $1 billion in sale to South Korean partner
GM and LG also plan to jointly develop prismatic cells, a move away from relying on the pouch cells currently made by Ultium.
Photographer: Jeff Kowalsky/BloombergGeneral Motors Co. is selling its stake in an electric-vehicle battery plant in Lansing, Michigan, to South Korean partner LG Energy Solution, recouping about $1 billion in investment from a facility that will still supply energy cells to the automaker’s EVs.
The move, which GM announced Monday, reflects a realization by the carmaker that its battery cell plants in Ohio and Tennessee, along with some supplies from the new plant in Lansing, will be enough to meet near-term demand for EVs without additional capital investment. GM continues to grow EV sales, but a slowdown in demand and political uncertainty over the future of federal EV tax credits have made the future prospects for all-electric vehicles less certain.