07:16 AM EST, 12/03/2024 (MT Newswires) -- General Motors ( GM ) said Monday it has reached a non-binding agreement to sell its stake in the Ultium Cells battery cell factory in Lansing, Michigan to joint venture partner LG Energy Solution.

Financial terms were not disclosed, but General Motors ( GM ) said it expects to recover its investment in the facility.

The carmaker said it will retain its ownership interest in Ultium Cells and continue to use Ultium Cells plants in Warren, Ohio and Spring Hill, Tennessee to equip its electric vehicles.

The transaction is expected to close in Q1, the company said, adding that LG Energy Solution will be able to immediately begin installing equipment at the nearly completed Lansing facility.