GM sells stake in U.S. battery joint venture to LG Energy - South Korea reports

General Motors (GM), a major U.S. automaker, recently announced that it will begin production of batteries for Altium Cells, a U.S. joint venture established with battery manufacturer LG Energy Solutions.
The company announced that it will sell its stake in the three plants to LG Energy Solutions. Altium Cells owns the first plant in Ohio and the second plant in Tennessee in the United States.
LG Energy Solutions said, "The investment will be made in North America to improve operational efficiency,
"LG Energy Solutions is considering acquiring a third factory in Michigan to maximize capacity utilization," the company said.
LG Energy Solutions and Toyota Motor Corp. are considering a policy to produce 200,000 units of the third plant. Toyota Motor Corp. is one of the leading candidates for the third plant. LG Energy Solutions and Toyota Motor Corp. are considering a policy to produce 200,000 units of the third plant.
The company had already signed a gigawatt-hour battery supply contract. Most of the third factory has already been built, and it is ready to install the equipment immediately.
"The solution could save money and time compared to building new factories or expanding existing ones."