General Motors to sell Lansing battery plant stake to LG Energy Solution

General Motors (GM) has entered into a non-binding agreement to sell its ownership stake in the nearly completed Ultium Cells LLC battery cell facility located in Lansing, Michigan, to its joint venture partner LG Energy Solution. The transaction, which is expected to close during the first quarter of 2025, remains subject to customary closing conditions.

GM has stated that the sale will allow the company to recoup its investment in the Lansing facility. The agreement does not affect GM’s ownership stake in the broader Ultium Cells LLC joint venture. The automaker will continue using the existing Ultium Cells facilities in Warren, Ohio, and Spring Hill, Tennessee, to support its growing electric vehicle (EV) production needs. LG Energy Solution will assume immediate access to the Lansing facility to begin equipment installation.

The Lansing plant currently employs nearly 100 workers and is expected to fulfill previously announced hiring goals. The facility’s construction progress and employment targets remain on schedule.

Paul Jacobson, GM’s executive vice president and CFO, emphasized the importance of domestic battery production to the company’s EV strategy, noting that the transaction will also benefit LG Energy Solution by providing access to an almost-completed production site. Jacobson highlighted GM’s focus on achieving efficient capital deployment and maintaining a competitive edge in the EV market.