{"id":17597,"date":"2024-12-02T20:16:13","date_gmt":"2024-12-02T21:16:13","guid":{"rendered":"https:\/\/medexperts.pro\/?p=17597"},"modified":"2024-12-02T21:24:12","modified_gmt":"2024-12-02T21:24:12","slug":"g-m-will-sell-stake-in-ev-battery-plant-to-lg","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=17597","title":{"rendered":"G.M. Will Sell Stake in EV Battery Plant to LG"},"content":{"rendered":"
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LG Energy Solution will now solely own a factory in Michigan that it had planned to operate through a joint venture with General Motors.<\/p>\n

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General Motors said on Monday that it was selling its stake in a nearly complete battery factory in Michigan to its partner LG Energy Solution, reducing to three the number of battery plants the carmaker will operate in the United States.<\/p>\n

G.M. and LG, a South Korean company, already produce batteries jointly at factories in Warren, Ohio, and Spring Hill, Tenn., that supply vehicles like the Cadillac Lyriq and Chevrolet Equinox.<\/p>\n

G.M. has a separate battery joint venture with Samsung SDI that is building a factory in New Carlisle, Ind. G.M. said it remained committed to that project.<\/p>\n

Electric vehicle sales, while brisk, have not lived up to projections from a few years ago, prompting many carmakers to delay or cancel investments. \u201cWe believe we have the right cell and manufacturing capabilities in place to grow with the E.V. market in a capital efficient manner,\u201d Paul Jacobson, G.M.\u2019s chief financial officer, said in a statement.<\/p>\n<\/div>\n<\/div>\n

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LG will complete work on the Michigan factory, in Lansing, and sell its output to another customer, which will be named later. G.M. said it will get back the $1 billion it invested in the factory, which is nearly finished.<\/p>\n

G.M. has boasted that it is close to making a profit on electric vehicles in part because it can mass produce batteries in the United States, driving down costs and taking advantage of manufacturing subsidies offered by the Biden administration. G.M. sold more electric vehicles in the United States than any carmaker except Tesla during the third quarter, according to Cox Automotive.<\/p>\n

But President-elect Donald J. Trump and Republicans in Congress may undo or reduce those subsidies next year, forcing carmakers and battery producers to reassess whether they can expect a return on their investments.<\/p>\n

G.M. has also been re-examining its approach to electric vehicle batteries since hiring Kurt Kelty, a former Tesla executive, as vice president for batteries in February. Mr. Kelty has said that G.M. would diversify the kinds of batteries it uses, tailoring them to different vehicles and price ranges.<\/p>\n

Along those lines, G.M. also said Monday that it would jointly develop prismatic batteries with LG Energy Solution. Prismatic batteries are packaged in rigid cases that weigh less and are simpler to manufacture, G.M. said. G.M. and LG currently produce so-called pouch batteries, which have soft packaging.<\/p>\n<\/div>\n<\/div>\n

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\u201cWe\u2019re focused on optimizing our battery technology by developing the right battery chemistries and form factors to improve E.V. performance, enhance safety, and reduce costs,\u201d Mr. Kelty said in a statement Monday.<\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

LG Energy Solution will now solely own a factory in Michigan that it had planned to operate through a joint venture with General Motors.General Motors said on Monday that it was selling its stake in a nearly complete battery factory in Michigan to its partner LG Energy Solution, reducing to three the number of battery plants the carmaker will operate in the United States.G.M. and LG, a South Korean company, already produce batteries jointly at factories in Warren, Ohio, and Spring Hill, Tenn., that supply vehicles like the Cadillac Lyriq and Chevrolet Equinox.G.M. has a separate battery joint venture with Samsung SDI that is building a factory in New Carlisle, Ind. G.M. said it remained committed to that project.Electric vehicle sales, while brisk, have not lived up to projections from a few years ago, prompting many carmakers to delay or cancel investments. \u201cWe believe we have the right cell and manufacturing capabilities in place to grow with the E.V. market in a capital efficient manner,\u201d Paul Jacobson, G.M.\u2019s chief financial officer, said in a statement.LG will complete work on the Michigan factory, in Lansing, and sell its output to another customer, which will be named later. G.M. said it will get back the $1 billion it invested in the factory, which is nearly finished.G.M. has boasted that it is close to making a profit on electric vehicles in part because it can mass produce batteries in the United States, driving down costs and taking advantage of manufacturing subsidies offered by the Biden administration. G.M. sold more electric vehicles in the United States than any carmaker except Tesla during the third quarter, according to Cox Automotive.But President-elect Donald J. Trump and Republicans in Congress may undo or reduce those subsidies next year, forcing carmakers and battery producers to reassess whether they can expect a return on their investments.G.M. has also been re-examining its approach to electric vehicle batteries since hiring Kurt Kelty, a former Tesla executive, as vice president for batteries in February. Mr. Kelty has said that G.M. would diversify the kinds of batteries it uses, tailoring them to different vehicles and price ranges.Along those lines, G.M. also said Monday that it would jointly develop prismatic batteries with LG Energy Solution. Prismatic batteries are packaged in rigid cases that weigh less and are simpler to manufacture, G.M. said. G.M. and LG currently produce so-called pouch batteries, which have soft packaging.\u201cWe\u2019re focused on optimizing our battery technology by developing the right battery chemistries and form factors to improve E.V. performance, enhance safety, and reduce costs,\u201d Mr. Kelty said in a statement Monday.<\/p>\n","protected":false},"author":1,"featured_media":17599,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/17597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17597"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/17597\/revisions"}],"predecessor-version":[{"id":17600,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/17597\/revisions\/17600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/17599"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}