On December 2, General Motors (NYSE: GM) announced it had reached a non-binding agreement to sell its stake in the soon-to-be-completed Ultium Cells LLC battery plant in Lansing, Michigan, to its joint venture partner LG Energy Solution.
The transaction is expected to close in Q1 of 2025, subject to customary closing conditions. Upon completion, LG Energy Solution will fully own the plant, and the batteries produced there may be supplied to third-party automakers.
However, General Motors will continue to retain its stake in the Ultium Cells battery plants in Warren, Ohio, and Spring Hill, Tennessee, which it jointly operates with LGES, to meet the growing battery demands for its electric vehicles. Additionally, GM is still committed to building a new battery plant in New Carlisle, Indiana, in partnership with Samsung SDI. This means that GM will operate three battery plants in the United States.
The Ultium Cells battery plants in Ohio and Tennessee employ thousands of workers and supply batteries for GM’s latest electric vehicles, including the Chevrolet Silverado EV, GMC Sierra EV, Cadillac LYRIQ, Chevrolet Blazer EV, Chevrolet Equinox EV, and GMC Hummer EV Pickup Truck and SUV, among seven models in total.
GM also aims to recover its $1 billion (US) investment in the Lansing battery plant, which is nearing completion. LG Energy Solution will soon begin installing equipment at the soon-to-be-completed Lansing plant, which currently employs around 100 workers. Both companies previously committed to hiring 1,700 workers once the plant is operational.
Paul Jacobson, GM’s Chief Financial Officer, said in a statement: “We believe we have the right cell and manufacturing capabilities in place to grow with the EV market in a capital-efficient manner.”
Source: WeChat Official Account—青蓝能源
Disclaimer: The content provided above is intended solely for educational and reference purposes. The original author retains the copyright to the articles, and their reproduction is aimed at facilitating learning and knowledge-sharing. If there are any concerns regarding copyright infringement, please contact us for immediate removal. We value the intellectual property rights of the original creator and encourage readers to engage with the original work.
