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GM and Korea-based Posco Chemical will build a new factory in North American to process battery materials for the automaker’s Ultium platform.
The joint venture will process Cathode Active Material (CAM), a key battery material that represents around 40% of the cost of a battery cell.
The actual location of the facility, which is set to open in 2024, will be announced later.
“Our work with POSCO Chemical is a key part of our strategy to rapidly scale U.S. EV production and drive innovation in battery performance, quality and cost,” says Doug Parks, GM executive vice president, Global Product Development, Purchasing and Supply Chain.
“We are building a sustainable and resilient North America-focused supply chain for EVs covering the entire ecosystem from raw materials to battery cell manufacturing and recycling.”
“We are very pleased to participate in the global battery supply chain project with General Motors,” says Kyungzoon Min, the CEO of POSCO Chemical.
“Through close partnership, we will innovate battery materials and contribute to accelerate the adoption of EVs based on our world-class product development, mass production capacity, and raw materials competitiveness.”
The new factory will supply the Ultium Cells facilities that GM and LG are building in Ohio and Tennessee. Two further US-based Ultium cell plants are planned by the middle of the decade, as well.