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illuminem summarizes for you the essential news of the day. Read the full piece on Wall Street Journal or enjoy below:
🗞️ Driving the news: General Motors (GM) plans to sell its stake in a nearly completed electric vehicle battery plant in Lansing, Michigan, to its joint venture partner, LG Energy Solution
This nonbinding agreement is expected to close by March 2025, allowing GM to recoup its $1 billion investment
🔭 The context: The 2.8 million-square-foot plant, designed to employ 1,700 workers, faced delays and now has an unclear opening date
• GM aims to focus on its battery plants in Ohio and Tennessee to support production of its seven U.S.-market electric vehicles
• The decision aligns with slowing EV market growth, following a 47% surge in 2023 that dropped to 7.2% through September 2024
🌍 Why it matters for the planet: The sale and shift in focus reflect broader trends in EV production scaling, as automakers balance growth expectations with sustainable investments in clean energy technologies
• Advanced battery development is key to reducing environmental impacts and enhancing EV efficiency.
⏭️ What's next: GM and LG will collaborate on prismatic battery cells, which promise better energy density and reduced costs compared to current pouch cells
• This partnership could influence future EV designs and accelerate the transition to lighter, more efficient vehicles
💬 One quote: “These prismatic cells will provide greater efficiency for our EVs by cutting weight and cost,” GM said in a statement
📈 One stat: Through September 2024, U.S. EV sales rose 7.2% to 936,000, slowing from 47% growth in 2023 but still on track to surpass last year’s record of 1.19 million sales
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