LG Energy Solution JV with GM sells $2 billion in assets to US subsidiary

LG Energy Solution, South Korea’s leading electric vehicle battery maker, announced that its joint venture with General Motors (GM) will transfer $2 billion worth of assets to its U.S. subsidiary. According to a regulatory filing released Tuesday, the assets include the joint venture’s battery plant and land

The move comes amid significant changes in the electric vehicle industry. GM and LG Energy Solution have previously partnered through the Ultium Cells joint venture to build battery plants in Ohio and Tennessee, with plans to expand to Indiana with new partner Samsung SDI.

The transfer of the Michigan assets represents a strategic adjustment by GM and LG Energy Solution to optimize operations and finances in the electric vehicle sector. GM continues to work with LG Energy Solution and other partners to develop advanced battery technology, including prismatic cells, to improve performance and production efficiency.

For investors interested in GM stock, it is important to carefully assess the company’s financial situation and strategy. Here is an update on GM’s stock price: