A few days ago, General Motors said that it plans to form a joint venture with POSCO Chemical. The two parties will build a factory in North America to process battery raw materials for GM's Ultra Energy platform.
Information shows that the two parties will jointly process and produce cathode active material (CAM), which is a key battery material and accounts for about 40% of the battery cost. It is expected that the factory will be put into operation in 2024 and create hundreds of jobs. The two parties have signed non-binding terms to establish the joint venture, and the final signing and details will be announced later.
Doug Parks, executive vice president of global product development, purchasing and supply chain at General Motors, said: “GM’s partnership with POSCO Chemicals is a great opportunity to rapidly expand U.S. electric vehicle production and drive battery performance, quality and cost. A key part of our innovation strategy. We are building a sustainable and resilient North American electric vehicle supply chain that covers the entire ecosystem from raw materials to battery manufacturing and recycling."
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