Apr 01, 2025 10:31 PM IST
The worth of the deal, set to shut on Could 31, might change after due diligence, the EV battery maker mentioned in a submitting.
South Korea’s LG Vitality Answer mentioned on Tuesday that its U.S. unit will purchase the property held by its Michigan electrical car battery enterprise with Normal Motors for $2 billion.
LG Vitality Answer, a South Korean firm, introduced on Tuesday that its US division can pay $2 billion to amass the property owned by its Michigan electrical car battery three way partnership with Normal Motors.(AP)
The worth of the deal, set to shut on Could 31, might change after due diligence, the EV battery maker mentioned in a submitting.
GM has been scaling again its EV plans amid uncertainty about the way forward for EV battery manufacturing and shopper tax credit underneath the Trump administration and mentioned in December it will promote its stake within the plant.
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LG and GM have two different U.S. battery plant joint ventures working in Ohio and Tennessee.
LG mentioned the transaction prices have been a part of its capital spending plan introduced earlier this 12 months, and might be decrease than $2 billion.
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Toyota Motor has mentioned it’s going to switch its order for LG Vitality Answer batteries to the Lansing, Michigan plant that GM is exiting.
Information / Enterprise / LG Vitality Answer unit to pay $2 billion for Michigan battery enterprise with GM
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