GM: Deal to sell stake in Lansing Ultium plant won't impact interest in Lordstown facility

General Motors says an agreement to sell its stake in the nearly completed Ultium Cells LLC battery cell plant in Lansing, Michigan does not change GM’s ownership interest in Ultium manufacturing plants in Lordstown, Ohio and Spring Hill, Tennessee.

GM said in a news release that it will continue to leverage the Lordstown and Spring Hill facilities to meet the demand for electric vehicles. The Lordstown, Ohio plant currently employs 1,700 people, according to the Ultium Cells website. 

GM announced on Monday that it has reached a non-binding agreement to sell its stake in the nearly completed Ultium plant in Lansing to its joint venture partner LG Energy Solution. GM expects the transaction to close early next year.

GM says it expects to recoup its investment in the facility.

"We believe we have the right cell and manufacturing capabilities in place to grow with the EV market in a capital-efficient manner,” said Paul Jacobson, GM executive vice president and CFO. “When completed, this transaction will also help LG Energy Solution meet demand by leveraging capacity that's nearly ready to come online and it will make GM even more efficient."?

LG will have immediate access to the nearly completed Lansing facility to begin the installation of equipment, according to the news release.