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GM to Sell Lansing Battery Plant to LG Energy Solution
General Motors (NYSE: GM) said today that it has reached a non-binding agreement to sell its stake in the nearly completed Ultium Cells LLC battery cell plant in Lansing, Michigan to its joint venture partner LG Energy Solution.* The transaction is expected to close in the 2025 first quarter, subject to customary closing conditions.
“Our EV profitability is rapidly improving thanks in part to our strategic decision to build battery cells in the U.S. with LG Energy Solution. It will be years before some of our competitors approach this level of performance,” said Paul Jacobson, GM executive vice president and CFO. “We believe we have the right cell and manufacturing capabilities in place to grow with the EV market in a capital efficient manner. When completed, this transaction will also help LG Energy Solution meet demand by leveraging capacity that’s nearly ready to come online and it will make GM even more efficient.” Continue reading →