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Stellantis sells its stake of Ontario battery factory to South Korea's LG Energy Solution
Stellantis sells its 49% stake to LG Energy Solution amid EV market slowdown; Windsor plant employs 1,300 workers with plans to expand, officials said.
- Stellantis is selling its 49% stake in the NextStar Energy battery plant joint venture to its partner LG Energy Solution for $100.
- LG Energy Solution said the plant will focus on batteries for energy storage systems and supply electric vehicle batteries to Stellantis and other North American customers.
- Stellantis will book charges of around $35.81 billion in the second half of 2022 as it scales down electric vehicle development plans.
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Stellantis selling stake in Ontario battery plant as part of wider EV reset
Automaker Stellantis is selling its stake in an Ontario battery manufacturing plant to its joint venture partner LG Energy Solution for a nominal US$100, as the automaker announced a broader reset of its electric vehicle strategy.
Stellantis Selling Stake in Windsor Battery Plant as It Takes $35B Hit From EV Shift
Carmaker Stellantis is selling its stake in a mega battery factory in Windsor, Ont., to its joint venture partner, Korean company LG Energy Solution. The two companies announced plans on Feb. 6 for Stellantis to sell its 49 percent stake in NextStar Energy, the multi-billion dollar project first announced in 2022. The transaction is to be completed for the nominal amount of $100. The parties said the transaction reflects a “mutually agreed, stra…
·New York, United States
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Coverage Details
Total News Sources39
Leaning Left16Leaning Right3Center5Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 21%
12%
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