Toyota Aids LG Plant After GM Sells Stake
Toyota Aids LG Plant After GM Sells Stake

Toyota Aids LG Plant After GM Sells Stake

News summary

Toyota Motor Corp. has agreed to redirect a $1.5 billion order to LG Energy Solution to bolster operations at a Michigan battery plant after General Motors (GM) decided to exit the joint venture. In December 2024, GM announced plans to sell its stake back to LG, believing its current facilities can meet its electric vehicle battery demands. The facility in Lansing, initially part of GM's Ultium Cells project, will now serve Toyota's EV needs, creating jobs for 1,700 workers. LG Energy Solution will compensate GM for its investment as it transitions to full ownership of the plant. This strategic move aligns with LG's goal to optimize investments in North America amidst changing incentives for EV production. The plant's production is anticipated to begin soon, as Toyota's order will help sustain operations and economic growth in the region.

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