- Advertisement -Newspaper WordPress Theme
BusinessLG Energy Solution unit to pay $2 billion for Michigan battery venture...

LG Energy Solution unit to pay $2 billion for Michigan battery venture with GM


Apr 01, 2025 10:31 PM IST

The value of the deal, set to close on May 31, could change after due diligence, the EV battery maker said in a filing.

South Korea’s LG Energy Solution said on Tuesday that its U.S. unit will acquire the assets held by its Michigan electric vehicle battery venture with General Motors for $2 billion.

LG Energy Solution, a South Korean company, announced on Tuesday that its US division will pay $2 billion to acquire the assets owned by its Michigan electric vehicle battery joint venture with General Motors.(AP)

The value of the deal, set to close on May 31, could change after due diligence, the EV battery maker said in a filing.

GM has been scaling back its EV plans amid uncertainty about the future of EV battery production and consumer tax credits under the Trump administration and said in December it would sell its stake in the plant.

Also read: What to expect after the new ruling on South Korean President Yoon’s impeachment

LG and GM have two other U.S. battery plant joint ventures operating in Ohio and Tennessee.

LG said the transaction costs were part of its capital spending plan announced earlier this year, and could be lower than $2 billion.

Also read: A toast to global partnerships in the Capital

Toyota Motor has said it will transfer its order for LG Energy Solution batteries to the Lansing, Michigan plant that GM is exiting.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe Today

GET EXCLUSIVE FULL ACCESS TO PREMIUM CONTENT

SUPPORT NONPROFIT JOURNALISM

EXPERT ANALYSIS OF AND EMERGING TRENDS IN CHILD WELFARE AND JUVENILE JUSTICE

TOPICAL VIDEO WEBINARS

Get unlimited access to our EXCLUSIVE Content and our archive of subscriber stories.

Exclusive content

- Advertisement -Newspaper WordPress Theme

Latest article

More article

- Advertisement -Newspaper WordPress Theme