General Motors announced plans to sell its more than $2 billion stake in an electric vehicle battery plant to its joint venture partner LG Energy Solution. The automaker expects to recover approximately $1 billion from its investment in the Lansing facility. GM CFO Paul Jacobson stated that the company has the necessary cell and manufacturing capabilities to grow with the EV market efficiently, and the sale will enhance LG Energy Solution's ability to meet demand. LG Energy Solution will gain immediate access to the Lansing facility, which is expected to begin operations by the end of the year.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02General Motors announced plans to sell its more than $2 billion stake in an electric
00:06vehicle battery plant to its joint venture partner LG Energy Solution.
00:10The automaker expects to recover approximately $1 billion from its investment in the Lansing
00:14facility.
00:15GM CFO Paul Jacobson stated that the company has the necessary selling and manufacturing
00:20capabilities to grow with the EV market efficiently, and the sale will enhance LG Energy Solution's
00:25ability to meet demand.
00:27LG Energy Solution will gain immediate access to the Lansing facility, which is expected
00:31to begin operations by the end of the year.
00:33For all things money, visit Benzinga.com slash GSTV.