General Motors (GM) announced 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 partnerLG Energy Solution. The transaction is expected to close in the 2025 first quarter, subject to customary closing conditions.”GM expects to recoup its investment in the facility. The transaction does not change GM’s ownership interest in Ultium Cells LLC. GM will continue to leverage the Ultium Cells plants in Warren, Ohio and Spring Hill, Tennessee to meet growing demand for its electric vehicles.LG Energy Solution will have immediate access to the nearly completed Lansing facility to begin the installation of equipment.Ultium Cells Lansing currently has nearly 100 employees and remains on track to meet its previously announced employment commitments,” GM stated. “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. 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,” said Paul Jacobson, GM executive vice president and CFO.
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