GM Sells Stake in Lansing Battery Plant

General Motors (GM) has announced a strategic decision to sell its stake in the nearly completed Ultium Cells LLC battery cell plant in Lansing, Michigan, to its joint venture partner, LG Energy Solution. This move is expected to allow GM to recoup nearly $1 billion from its investment and aligns with the company's aim to enhance operational efficiency and profitability in its electric vehicle production. The Lansing plant deal, expected to close in early 2025, will enable LG Energy Solution to accelerate production capabilities as they take over the facility. GM will maintain its ownership interest in Ultium Cells LLC and continue to rely on its existing facilities in Ohio and Tennessee to meet the growing demand for EVs. GM's strategic decision follows a broader industry slowdown in EV sales growth and comes amid criticism over the use of government subsidies for the plant, which was initially backed by significant state and federal incentives. Despite these challenges, GM remains committed to optimizing its capital efficiency and scaling its EV operations.