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GM Backs Out of Lansing EV Battery Stake as Plant Opens

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Sig3.42Sen-2.35Env0.00Soc+1.78Gov-1.42

GM backed out of a deal for part ownership of a newly opened battery plant in Lansing, even though the Michigan Strategic Fund provided more than $600 million in 2022 for battery and EV production. A $120 million Lansing grant benefited Ultium and stayed with LG after GM’s sale. GM still must create 1,840 jobs and invest $4 billion by 2030. GM also shifted $70 million to convert its Spring Hill Ultium Cells site for lithium iron phosphate cells for energy storage, which opened Aug. 18.

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