GM Sells Stake in Lansing Battery Plant Amid Shifting EV Plans

General Motors announced it will sell its stake in a joint venture battery plant in Lansing, Michigan, to LG Energy Solution. The move is part of GM's strategy to adjust its electric vehicle plans. The plant, near completion, will serve a new customer and is expected to change management next year.

General Motors announced its decision on Monday to sell its stake in a joint battery venture plant located in Lansing, Michigan, to its partner, LG Energy Solution. The Detroit automaker's move is a strategic step in adjusting its electric vehicle ambitions.

According to sources, GM expects to recoup a $1 billion investment from the facility. The transaction is expected to be finalized early next year, but the company's stake in the Ultium Cells joint venture remains unaffected. This venture oversees operations of battery plants situated in Ohio and Tennessee.

Currently employing nearly 100 workers, the soon-to-be-completed Lansing plant is set to service a new, yet unnamed customer. GM CFO Paul Jacobson assures that the company's manufacturing capabilities are aligned with market growth. This announcement arrives as GM navigates changing landscapes in EV battery production and consumer tax credits, while also extending a partnership with LG Energy Solution to develop prismatic cells.

(With inputs from agencies.)