LG Energy Solution Acquires GM Joint Venture Stake in Michigan Battery Plant
U.S. automaker General Motors (GM) announced on the 2nd (local time) that it has decided to sell its stake in the battery plant under construction in Lansing, Michigan, to its joint venture partner, LG Energy Solution (LGES).
In a press release issued that day, GM stated, "We have reached a non-binding agreement to sell our stake in the 'Ultium Cells' battery plant, which is nearing completion in Lansing, to our joint venture (JV) partner LGES."
The stake sale is expected to take place in the first quarter of next year, and GM added that the investment funds will be recovered.
GM established the joint venture Ultium Cells with LGES in 2019 and has been constructing a third plant in Lansing. Currently, Ultium Cells operates Plant 1 in Ohio and Plant 2 in Tennessee.
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U.S. media reported that this news comes amid growing uncertainty in the electric vehicle market following the re-election of President Donald Trump. During his candidacy, Trump expressed his intention to eliminate the $7,500 tax credit offered to electric vehicle (EV) buyers. The Wall Street Journal reported that "the billions of dollars in tax credits provided to facilities like the Lansing battery plant are also at risk of being eliminated."
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