{"id":19298,"date":"2024-12-10T09:29:59","date_gmt":"2024-12-10T01:29:59","guid":{"rendered":"https:\/\/battery9999.com\/en\/?p=19298"},"modified":"2024-12-10T09:29:59","modified_gmt":"2024-12-10T01:29:59","slug":"gm-to-sell-stake-in-battery-cell-plant-to-joint-venture-partner-for-roughly-1-billion","status":"publish","type":"post","link":"https:\/\/battery9999.com\/en\/gm-to-sell-stake-in-battery-cell-plant-to-joint-venture-partner-for-roughly-1-billion\/","title":{"rendered":"GM to sell stake in battery cell plant to joint venture partner for roughly $1 billion"},"content":{"rendered":"<p>Dec 2 2024<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-19299\" src=\"https:\/\/battery9999.com\/wp-content\/uploads\/2024\/12\/2024-12-10_092856-300x178.jpg\" alt=\"\" width=\"300\" height=\"178\" srcset=\"https:\/\/battery9999.com\/wp-content\/uploads\/2024\/12\/2024-12-10_092856-300x178.jpg 300w, https:\/\/battery9999.com\/wp-content\/uploads\/2024\/12\/2024-12-10_092856-450x268.jpg 450w, https:\/\/battery9999.com\/wp-content\/uploads\/2024\/12\/2024-12-10_092856.jpg 565w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><!--more--><\/p>\n<div class=\"group\">\n<p>DETROIT \u2014\u00a0<span id=\"RegularArticle-QuoteInBody-1\" class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\"><a href=\"https:\/\/www.cnbc.com\/quotes\/GM\/\">General Motors<\/a><span id=\"-WatchlistDropdown\" class=\"AddToWatchlistButton-watchlistContainer\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><\/button><\/span><\/span>\u00a0plans to sell its stake in a $2.6 billion electric vehicle battery cell plant in Michigan to its joint venture partner LG Energy Solution, the automaker announced Monday.<\/p>\n<p>The Detroit carmaker said it expects to recoup its investment in the facility, which a source familiar with the plans said is anticipated to be roughly $1 billion. The sale is part of a nonbinding agreement between the two companies that is anticipated to close during the first quarter of next year, GM said.<\/p>\n<p>The nearly completed, 2.8 million-square-foot plant in Lansing, Michigan, was expected to be the third battery cell facility of the joint venture, known as Ultium Cells LLC, following plants in Ohio and Tennessee that have already opened and are operational.<\/p>\n<p>The Lansing plant was announced in January 2022, and the two companies first announced their joint venture five years ago.<\/p>\n<p>GM\u2019s move comes as the automaker attempts to right size production of EVs and confronts slower-than-expected consumer demand. It also comes amid uncertainty\u00a0<a href=\"https:\/\/www.cnbc.com\/2024\/11\/06\/trump-reelection-what-it-means-for-evs.html\">regarding federal incentives<\/a>\u00a0for manufacturing and purchasing EVs in the U.S. under President-elect\u00a0<a href=\"https:\/\/www.cnbc.com\/donald-trump\/\">Donald Trump<\/a>.<\/p>\n<p>The automaker said the sale does not affect its overall ownership stake in the joint venture or its future plans for a separate joint venture plant with LGES\u00a0<a href=\"https:\/\/www.cnbc.com\/2023\/04\/24\/gm-samsung-sdi-plan-to-build-new-us-battery-plant-sources-say.html\">rival Samsung SDI.<\/a><\/p>\n<\/div>\n<div id=\"ArticleBody-InlineImage-106283302\" class=\"InlineImage-imageEmbed\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div class=\"InlineImage-imagePlaceholder\">\n<div>\n<div class=\"InlineImage-imageContainer\" tabindex=\"-1\" data-test=\"InlineImage-pictureContainer\"><picture data-test=\"Picture\"><source srcset=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/106283302-1575656666583barra-lg-handshake.jpg?v=1733179015&amp;w=1480&amp;h=833&amp;ffmt=webp&amp;vtcrop=y\" type=\"image\/webp\" media=\"(min-width: 1340px)\" \/><source srcset=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/106283302-1575656666583barra-lg-handshake.jpg?v=1733179015&amp;w=1260&amp;h=709&amp;ffmt=webp&amp;vtcrop=y\" type=\"image\/webp\" media=\"(min-width: 1020px)\" \/><source srcset=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/106283302-1575656666583barra-lg-handshake.jpg?v=1733179015&amp;w=1858&amp;h=1045&amp;ffmt=webp&amp;vtcrop=y\" type=\"image\/webp\" media=\"(min-width: 760px)\" \/><source srcset=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/106283302-1575656666583barra-lg-handshake.jpg?v=1733179015&amp;w=717&amp;h=403&amp;ffmt=webp&amp;vtcrop=y\" type=\"image\/webp\" media=\"(min-width: 0px)\" \/><img decoding=\"async\" class=\"\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/106283302-1575656666583barra-lg-handshake.jpg?v=1733179015&amp;w=1858&amp;h=1045&amp;vtcrop=y\" alt=\"GM CEO and Chairman Mary Barra and LG Chem Vice Chairman and CEO Hak-Cheol Shin at the automaker's battery lab in Warren, Michigan, where the companies announced a new $2.6 billion joint venture on Dec. 5, 2019.\" \/><\/picture><\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">GM CEO and Chairman Mary Barra and LG Chem Vice Chairman and CEO Hak-Cheol Shin at the automaker\u2019s battery lab in Warren, Michigan, where the companies announced a new $2.6 billion joint venture on Dec. 5, 2019.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">GM<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>\u201cWe believe we have the right cell and manufacturing capabilities in place to grow with the EV market in a capital efficient manner,\u201d GM Chief Financial Officer Paul Jacobson said in a release. \u201cWhen completed, this transaction will also help LG Energy Solution meet demand by leveraging capacity that\u2019s nearly ready to come online and it will make GM even more efficient.\u201d<\/p>\n<p>GM said the South Korean battery supplier will have immediate access to the Lansing facility to begin installation of equipment. The plant, which currently employs nearly 100 people,\u00a0<a href=\"https:\/\/investor.gm.com\/news-releases\/news-release-details\/gm-and-lg-energy-solution-investing-26-billion-build-3rd-ultium\" target=\"_blank\" rel=\"noopener noreferrer\">was expected to begin operating<\/a>\u00a0by the end of this year.<\/p>\n<p>Separate from the sale of its stake in the Lansing facility, GM on Monday announced it will extend a 14-year battery technology partnership with LGES to include the development of an emerging type of battery cell called prismatic cells.<\/p>\n<p>Prismatic cells are a flat, rectangular shape with a rigid enclosure, which allows for space-efficient packaging within battery modules and packs. GM said the cells are expected to reduce EV weights and costs, while simplifying manufacturing by reducing the number of modules and mechanical components.<\/p>\n<p>\u201cWe\u2019re focused on optimizing our battery technology by developing the right battery chemistries and form factors to improve EV performance, enhance safety, and reduce costs. By extending our partnership with LG Energy Solution, we\u2019re taking an important step towards these goals,\u201d Kurt Kelty, GM vice president of battery cell and pack, said in a release.<\/p>\n<p>GM had previously said it planned to expand its battery cell technologies from its\u00a0<a href=\"https:\/\/www.cnbc.com\/2024\/10\/08\/gm-ditching-ultium-name-for-batteries-tech-amid-ev-changes.html\">flat \u201cUltium\u201d pouches<\/a>\u00a0to include other forms such as prismatic cells.<\/p>\n<p>Source:<a href=\"https:\/\/www.cnbc.com\/2024\/12\/02\/gm-battery-cell-plant-lg.html\">GM to sell stake in battery cell plant to LG partner for $1 billion<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dec 2 2024<\/p>\n","protected":false},"author":12,"featured_media":19299,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[113],"tags":[],"class_list":["post-19298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - 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