General Motors sold its entire stake in the Lansing, Michigan battery plant to LG Energy Solution for approximately $1 billion in December 2024, after the facility failed to meet production targets and cost overruns, with LG now supplying batteries to Toyota from the facility originally intended for GM's electric future.
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GM's Battery Plant Fiasco Toyota Scores Big Win: #qfleetnews #shorts #ytshorts #news #cars #ytAdded:
The Warren, Ohio plant opened in late 2022. The Spring Hill, Tennessee plant started production in early 2024. The third plant in Lancing, Michigan was supposed to cost 2.6 billion and push total capacity past 130 gawatt hours. [music] Instead, GM sold its entire stake in that Lancing plant to LG Energy Solution in December 2024 for roughly $1 billion just to get their money back. LG completed the takeover and is now going to supply batteries to Toyota from a factory that was supposed to power GM's electric future.
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