The automaker plans to sell its stake to joint-venture partner LG Energy, the latest pullback in its electric-car investments.

General Motors said Monday it will sell its stake in its joint venture battery plant in Lansing, Michigan, to partner LG Energy Solution as the Detroit automaker trims its electric vehicle plans. GM expects to recoup its investment in the facility,

General Motors has reached an agreement to sell its stake in a nearly completed electric vehicle battery plant in Lansing, Michigan

General Motors is selling its stake in a new battery plant that was built with government incentives. Why it matters: GM partners with South Korean battery giant LG Energy Solution through a joint venture called Ultium Cells, which currently produces batteries at factories in Warren, Ohio and Spring Hill, Tennessee.

General Motors Co. is selling its stake in an electric-vehicle battery plant in Lansing, Michigan, to South Korean partner LG Energy Solution, recouping about $1 billion in investment from a facility that will still supply energy cells to the automaker’s EVs.

GM made the announcement amid a push by executives to be more capital-efficient and make its electric vehicles profitable.