WASHINGTON (dpa-AFX) - General Motors (GM) said that it has reached a non-binding agreement to sell its stake in the nearly completed Ultium Cells LLC battery cell plant in Lansing, Michigan to its joint venture partner LG Energy Solution. The transaction is expected to close in the 2025 first quarter.
GM said it expects to recoup its investment in the facility. The transaction does not change GM's ownership interest in Ultium Cells LLC.?LG Energy Solution will have immediate access to the nearly completed Lansing facility to begin the installation of equipment.?
According to GM, Ultium Cells Lansing currently has nearly 100 employees and remains on track to meet its previously announced employment commitments.
Ultium Cells has created thousands of jobs in the U.S. through its plants in Ohio and Tennessee. The cells produced at these plants power GM's latest EVs including the Chevrolet Silverado EV, GMC Sierra EV, Cadillac LYRIQ, Chevrolet Blazer EV and Chevrolet Equinox EV, as well as the GMC HUMMER EV Pickup and SUV.
In a separate press release, General Motors and LG Energy Solution said that they have extended their 14-year battery technology partnership to include prismatic cell development.
GM expects the prismatic cell technology developed under the agreement to power future GM electric vehicles. GM will continue to leverage the Ultium Cells plants in Warren, Ohio and Spring Hill, Tennessee, which produce pouch battery cells, to meet growing demand for its electric vehicles.?
Prismatic cells feature a flat, rectangular shape with a rigid enclosure, which allows for space-efficient packaging within battery modules and packs. That approach can reduce EV weight and cost, while simplifying manufacturing by reducing the number of modules and mechanical components.
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