GM and LG Energy to Enhance EV Battery Collaboration

23 hours ago

General Motors (GM, Financial) plans to sell part of its battery plant in Lansing, Michigan to its partner LG Energy Solution. This transaction is expected to generate approximately $1 billion in revenue for GM, highlighting the slower-than-anticipated adoption of electric vehicles in the U.S. The deal is projected to be finalized in early 2025.

Additionally, GM announced a new collaboration with LG Energy to develop prismatic EV batteries. Currently, LG Energy supplies pouch-style batteries, while Tesla (TSLA) uses cylindrical ones. GM and LG Energy jointly own two factories in Ohio and Tennessee, with another facility under construction in Indiana with Samsung SDI.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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