U.S. GM to sell shares in battery plant to LG Energy Solution

U.S. automaker General Motors Co GM has said it will sell its stake in a battery plant it is building in Lansing, Michigan, to its joint venture, LG Energy Solutions.

"We have reached a non-binding agreement to sell our stake in the near-completion battery plant in Lansing to joint venture partner LG Energy Solutions," GM said in a news release.

The stake sale will take place in the first quarter of next year, it added.

GM has established a joint venture with LG Energy Solution called 'Ultium Cells' and has been building a third plant in Lansing.