"We believe we have the right cell and manufacturing capabilities in place to grow with the EV market in a capital efficient manner," Paul Jacobson, GM's chief financial officer, said in a statement.
"When completed, this transaction will also help LG Energy Solution meet demand by leveraging capacity that's nearly ready to come online and it will make GM even more efficient."
GM says it is close to making a profit on its EV business, in part because it can mass produce batteries domestically, simplifying its supply chains.
GM and LG also announced plans to develop rectangular 'prismatic' battery cells that can hold more energy capacity than cylindrical cells.
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