General Motors and Posco Chemical plan to form a joint venture and build a plant in North America to process key battery materials for GM’s Ultium electric vehicle platform. According to the automaker, the joint venture will process cathode-active material, which accounts for around 40 percent of the cost of a battery cell. The location of the facility, which will create hundreds of jobs when it opens in 2024, is to be announced at a later date.
“Our work with POSCO Chemical is an important part of our strategy to quickly scales e-auto production in the US,” said Doug Parks, GM Executive Vice President, Global Product Development, Purchasing and Supply Chain. “We are building a sustainable and resilient North American-focused electric vehicle supply chain, spanning the entire ecosystem from raw materials to battery cell manufacturing and recycling.”
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