South Korea's leading battery manufacturer LG Energy Solution Ltd. announced on Tuesday that it is considering acquiring General Motors' stake in its joint battery plant in Michigan.
LG Energy stated in a release: "The company is considering acquiring shares in the Ultium Cells joint venture Plant No. 3 in Lansing, Michigan, to effectively operate its plant in the USA and maximize utilization of the Michigan plant."
The joint plant between LG Energy and General Motors is under construction in Michigan, with the goal of commencing operation next year.
General Motors also announced plans to sell its stake in the Lansing plant to partner LG Energy. Amid a slowdown in electric vehicle sales, General Motors is adjusting its electric vehicle strategy.
The trade is expected to be completed by early next year.
The Ultium Cells joint venture of LG Energy and General Motors currently operates its first and second plants in Ohio and Tennessee, respectively.