SEOUL, Feb 6 (Reuters) - South Korea's LG Energy Solution said on Friday that it plans to buy all of the 49% stake held by Stellantis in their battery joint venture in Canada for a nominal amount of $
LG Energy Solution to Acquire Stellantis' Stake in Canada Battery JV
LG Energy Solution's Acquisition of Stellantis Stake
SEOUL, Feb 6 (Reuters) - South Korea's LG Energy Solution said on Friday that it plans to buy all of the 49% stake held by Stellantis in their battery joint venture in Canada for a nominal amount of $100.
Background on the Joint Venture
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.
Impact of Market Changes
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.
Future of Electric Vehicle Investments
(Reporting by Heejin Kim, Hyunjoo JinEditing by Ed Davies)
