Automaker Stellantis is selling its 49 per cent stake in an Ontario battery plant to its joint venture partner LG Energy Solution for a nominal US$100, as the automaker moves ahead with a broader reset of its electric vehicle strategy.
The deal will see LG take full ownership of the $5 billion NextStar Energy plant in Windsor, a move that the provincial and federal governments that have financially backed the project said was likely good news.
The move came as Stellantis took a roughly $36 billion (22.2 billion euro) charge related to electric vehicle investments.