The Globe and Mail reports in its Saturday, Feb. 7, edition that Stellantis is selling its interest in an Ontario battery manufacturing plant to its joint venture partner LG Energy Solution for a nominal $100 (U.S.), as the automaker announced a broader reset of its electric-vehicle strategy.
A Canadian Press dispatch to The Globe reports that under the deal, LG Energy will hold full ownership of the plant in Windsor, Ont., with the acquisition of the 49-per-cent interest held by Stellantis.
Stellantis disclosed the purchase price in a regulatory filing.
The move came as Stellantis took a $36-billion (U.S.) charge related to EV investments.
Stellantis chief executive officer Antonio Filosa said Friday that the company was "dramatically" resetting its relations with suppliers, governments and other stakeholders as part of a "decisive reset" for the company.
He said, "We are resetting our product plan and our EV supply chain, to reflect much more real customer demand and shifting regulation, following an initial overestimation of pace of adoption of electrification."
The pullback comes as U.S. President Donald Trump has slashed regulations and generous incentives aimed at accelerating the transition to EVs.
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