GM plans joint venture for battery materials

GM plans joint venture for battery materials-venture

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.”

The new plant will supply the Ultium Cells plants that GM and LG Energy Solutions are currently building in Lordstown, Ohio, and Spring Hill, Tennessee, also as part of a joint venture. Two more U.S. Ultium battery plants are planned by mid-decade as GM drives mass e-mobility adoption with high-volume Ultium-powered electric cars, including a $30 Chevrolet crossover.000 dollars.

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