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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 weaker EV demand; Windsor plant employs 1,300 workers and has received over $5 billion in investments, the companies 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 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 Sources52
Leaning Left24Leaning Right3Center6Last UpdatedBias Distribution73% Left
Bias Distribution
- 73% of the sources lean Left
73% Left
L 73%
C 18%
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