Stellantis NV on Friday sold its 49% stake in a Canadian battery plant for $100 after the automaker behind brands including Jeep and Dodge announced $26.5 billion in electric vehicle-related losses amid a major pivot back to gas-powered vehicles.

South Korean battery maker LG Energy Solution now fully owns the Windsor, Ontario, battery plant built under a 2022 joint venture between the companies.

More than 1,300 work at the plant, and LG Energy Solution plans to employ as many as 2,500 as it ramps up to full production. The plant will continue to supply Stellantis with EV batteries.

“By enabling LG Energy Solution to fully leverage the Windsor facility’s capacity, we are strengthening its long-term viability while securing the battery supply for our electric vehicles," Stellantis CEO Antonio Filosa said in a statement. "This is a smart, strategic step that supports our customers, our Canadian operations, and our global electrification roadmap.”

Stellantis' New York-listed shares were down nearly 25% in early afternoon trading Friday. Milan-listed shares also slumped as much as 25%, to their lowest since the group was created in 2021 through the merger of Fiat Chrysler Automobiles and Peugeot maker PSA. The drop means the writedown is now larger than the company's market value.

Stellantis is among automakers in the United States that have suffered massive losses after investing in EVs to meet stringent U.S. government tailpipe emissions regulations and demand among U.S. drivers that so far has not materialized.

Stellantis canceled plans for an electric Ram pickup, discontinued plug-in hybrid Jeep and Chrysler models, and has pared back EV production in response to lagging demand and efforts by President Donald Trump to repeal greenhouse gas emission rules. It had jointly invested in massive North American EV battery plants that have been underutilized and are now pivoting to make energy storage products, including the Windsor plant.

LG Energy Solution CEO David Kim in a statement said the company "sees growth opportunities in North America by situating a key production hub in Canada."

Taking over the Canadian joint venture, NextStar, will "position us to play a key role in Canada’s EV industry by securing additional North American-based customers," he said.

Stellantis also has a joint venture battery plant with Samsung SDI in Kokomo, Indiana. That plant has also faced problems including prior layoffs due to weak EV demand, and in the fall, it also pivoted to make battery storage products. Stellantis at the time said it was also exploring making EV batteries there for its European vehicles.The automaker has not announced any change there to its ownership stake. The joint venture had planned a second large plant that has not begun construction.

General Motors Co. in 2024 sold its stake in the Lansing Ultium Cells LLC battery plant to its joint-venture partner LG Energy Solution, recouping an estimated $1 billion from the investment.

Ford Motor Co. in December announced plans to dissolve its joint venture with South Korean battery partner SK On and have a wholly owned Ford subsidiary take over two battery plants in Kentucky.

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