General Motors is selling its stake in an electric vehicle battery facility to its partner LG Energy Solutions, the automaker announced Monday.
The nearly completed factory in Lansing, Michigan, was being developed by Ultium Cells LLC, a joint venture between GM and South Korea’s LG. Following the non-binding agreement, LG will become the sole owner and complete the plant. The company will then sell the batteries to other customers. GM said it would get back the $1 billion it invested in the factory.
GM and LG already jointly develop batteries at factories in Warren, Ohio, and Spring Hill, Tennessee, where they produce batteries for the Cadillac Lyriq and Chevy Equinox EVs. The automaker also has a battery factory in joint ownership...
