LG Energy Solution to end Canada battery JV with Stellantis
LG Energy Solution's logo is pictured on a smartphone in front of their web site displayed in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration
SEOUL, Feb 6 : South Korea's LG Energy Solution said on Friday that it plans to buy all of the 49 per cent stake held by Stellantis in their battery joint venture in Canada for a nominal amount of $100.
The move comes as some automakers are pulling back from electric vehicles in response to the policies of the administration of U.S. President Donald Trump and due to fading demand.
In 2022, Stellantis and LG had announced a major investment in the joint venture, as part of the carmaker's ambitious electrification strategy. But Chrysler parent Stellantis, like other automakers, have been retreating from their electric vehicle ambitions.
