General Motors said on Monday that it was selling its stake in a nearly complete battery factory in Michigan to its partner LG Energy Solution, reducing to three the number of battery plants the carmaker will operate in the United States.
and LG, a South Korean company, already produce batteries jointly at factories in Warren, Ohio, and Spring Hill, Tenn., that supply vehicles like the Cadillac Lyriq and Chevrolet Equinox.
has a separate battery joint venture with Samsung SDI that is building a factory in New Carlisle, Ind.
“We believe we have the right cell and manufacturing capabilities in place to grow with the E.V.
market in a capital efficient manner,” Paul Jacobson, G.M.’s chief financial officer, said in a statement.
Persons:
Motors, ” Paul Jacobson, G.M, ’
Organizations:
LG Energy, LG, South, Chevrolet, Samsung SDI
Locations:
Michigan, United States, South Korean, Warren , Ohio, Spring Hill, Tenn, New Carlisle, Ind