LG Energy to Take Full Ownership of Battery JV With Stellantis
By Kwanwoo Jun
Jeep maker Stellantis has agreed to sell its entire 49% stake in a Canada battery joint venture to its South Korean partner, LG Energy Solution.
The companies said Friday that LG Energy Solution will acquire full ownership of NextStar Energy to better serve a broader customer base, including the energy storage system industry.
LG will buy Stellantis's stake for $100 on June 30, the battery maker said in a separate regulatory filing.
The value appears symbolic, given that LG had decided to invest US$1.46 billion in the JV for a 51% stake, while Stellantis committed US$980 million for the remaining share. LG said its investment is still under way.
Stellantis and LG teamed up in 2022 to build Canada's first large-scale battery manufacturing facility in Windsor, Ontario, and more than 5 billion Canadian dollars, equivalent to US$3.65 billion, has been invested in NextStar Energy so far, according to the companies' joint statement.
The planned ownership transition comes as global automakers are pulling back from electric-vehicle projects amid slowing demand in North America following the Trump administration's termination of U.S. tax credits for new EV purchases.
Global EV battery makers are adjusting production to reflect sluggish EV demand while diversifying and expanding their customer base beyond the automotive sector.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
February 06, 2026 04:23 ET (09:23 GMT)
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