GM sells stake in Ultium Lansing battery plant to partner LG Energy Solution

General Motors Co. is selling its stake in the Ultium Cells LLC battery plant planned for Lansing to its joint-venture partner LG Energy Solution, the automaker said Monday. GM, which expects to recoup $1 billion from the investment, made the announcement amid a push by executives to be more capital-efficient and make its electric vehicles profitable. “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, 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. 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.” The move to sell its stake in the Lansing plant does not change GM’s ownership interest inUltium Cells, its battery joint venture with LG, and does not affect the Ultium battery plants in Warren, Ohio, and Spring Hill, Tennessee. GM’s joint venture agreement with Samsung SDI to open a battery plant in Indiana remains intact. LG Energy Solution will take over the Lansing facility to install equipment for a new customer. Ultium Cells Lansing has nearly 100 employees and is on track to meet its previously announced employment commitment of 1,700. The 2.8 million-square-foot plant in Lansing was supposed to open in late 2024. Separately, GM and LG Energy Solution announced Monday they are extending their 14-year battery technology partnership to include prismatic cell development