Stellantis, the automaker behind Jeep and Dodge, sold its 49% stake in a Canadian battery plant to LG Energy Solution for $100 after recording $26.5 billion in electric vehicle-related losses. This divestment comes as Stellantis shifts focus back to gas-powered vehicles due to lagging EV demand and aims to strengthen the battery plant’s long-term viability and secure EV battery supply. The transaction highlights challenges faced by automakers investing in EVs while facing fluctuating market demand and regulatory changes.
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Automaker behind Jeep sells Canadian battery plant for $100
Stellantis, the automaker behind Jeep and Dodge, sold its 49% stake in a Canadian battery plant to LG Energy Solution for $100 after recording $26.5 billion in electric vehicle-related losses. This divestment comes as Stellantis shifts focus back to gas-powered vehicles due to lagging EV demand and aims to strengthen the battery plant’s long-term viability and secure EV battery supply. The transaction highlights challenges faced by automakers investing in EVs while facing fluctuating market demand and regulatory changes.