GM to sell its stake in Lansing battery factory to LG Energy Solution [Video]

DETROIT (AP) — General Motors has reached an agreement to sell its stake in a nearly completed electric vehicle battery plant in Lansing, Michigan.

The company said Monday that it has a nonbinding agreement for the sale to joint venture partner LG Energy Solution of South Korea. The companies expect to close the sale by the end of March.

Financial details were not released Monday. But GM, which has sunk about $1 billion into the Lansing factory, said it expects to recoup its investment.

The company said it will rely on joint venture factories in Warren, Ohio, and Spring Hill, Tennessee, to supply factories that make seven electric vehicles now on sale in the U.S.

Nearly all automakers in the U.S. have had to slow plans to build electric vehicle and battery factories after EV sales growth eased from huge growth in 2023.

Through September, U.S. new EV sales were …