General Motors' decision to sell its stake in the nearly finished Ultium Cells battery plant to LG Energy Solution is a significant shift amid declining electric vehicle demand and potential changes to battery production incentives.
GM and LGES established their partnership in 2019 to mass produce battery cells essential for electric vehicles, investing billions into three facilities, including the Lansing plant.
The move to sell the Ultium Cells brand aligns with GM's strategy to adopt newer battery technologies like lithium iron phosphate batteries while responding to changing market conditions.
Post-COVID-19, GM played a pivotal role in promoting onshore battery production, influenced by government incentives like the Inflation Reduction Act aimed at reducing battery reliance on imported materials.
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