By Heejin Kim and Gilles Guillaume<\/p>\n
SEOUL, Feb 6 (Reuters) – South Korea’s LG Energy Solution said on Friday it \u200bplans to buy the 49% stake held by \u200cStellantis in their battery joint venture in Canada for a nominal amount of $100.<\/p>\n
The \u200cmove comes as some automakers are scaling back their electric-vehicle plans in response to the policies of the administration of U.S. President Donald Trump and due to fading demand.<\/p>\n
Stellantis and LG \u2060had announced a major \u200cinvestment in the joint venture in 2022, as part of the carmaker’s ambitious electrification strategy. But \u200dChrysler parent Stellantis, like other automakers, has been retreating from its EV ambitions.<\/p>\n
More than C$5 billion ($3.65 billion) has been invested in the \u200bfacility to date, LG said in a statement.<\/p>\n
LG Energy Solution \u200claunched a series of battery joint ventures with major automakers in North America during the administration of former President Joe Biden, which promoted EV adoption. The company is now bearing the brunt of a major policy shift under the Trump \u2060government, which scrapped the $7,500 consumer tax \u200bcredit for EV purchases.<\/p>\n
Last year, LG \u200bEnergy Solution agreed with General Motors to buy the latter’s stake in their joint venture battery plant \u200din Lansing, Michigan.<\/p>\n
The \u2060South Korean battery company is grappling with the fallout from the cancellation of major battery contracts including a \u2060multi-billion dollar deal with Ford.<\/p>\n
($1 = 1.3688 Canadian dollars)<\/p>\n
(Reporting by Heejin Kim in \u200cSeoul and Gilles Guillaume in Paris; Writing by Hyunjoo \u200cJin; Editing by Ed Davies)<\/p>\n","protected":false},"excerpt":{"rendered":"By Heejin Kim and Gilles Guillaume SEOUL, Feb 6 (Reuters) – South Korea’s LG Energy Solution said on…\n","protected":false},"author":2,"featured_media":457270,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[15616,49,48,1376,187375,120235,169205,44,18262,34215],"class_list":["post-457269","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-automakers","tag-ca","tag-canada","tag-donald-trump","tag-energy-solution","tag-joint-venture","tag-lg-energy-solution","tag-news","tag-south-korea","tag-stellantis"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/457269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=457269"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/457269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/457270"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=457269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=457269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=457269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}