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GM sells stake in EV battery plant to partner LG Energy Solutions
GM and LG will keep working together on prismatic battery cells.
General Motors is selling its stake in an electric vehicle battery facility to its partner LG Energy Solutions, the automaker announced Monday. GM says it is close to making a profit on its EV business, in part because it can mass produce batteries domestically, simplifying its supply chains and giving it access to financial incentives from the Biden administration. “We believe we have the right cell and manufacturing capabilities in place to grow with the EV market in a capital efficient manner,” Paul Jacobson, GM’s chief financial officer, said in a statement.
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