GM and mobility battery maker Posco Future M to invest more than $1 billion in complex that will make key battery material CAM
General Motors Co. (GM) and mobility battery maker Posco Future M said Friday they are planning to expand the electric vehicle battery supply chain in North America with a new complex that will produce Cathode Active Material, or CAM, a key battery material that accounts for about 40% of the cost of a battery cell. Currently, most CAM and pCAM, a specifically engineered combination of processed raw materials necessary to produce CAM, is made in Asia. The new investment is expected to exceed $1 billion, the companies said in a joint statement. The CAM joint venture is expected to support production of about 360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles annually in the 2025-2030 timeframe in North America,. said the statement. "We started by establishing battery cell production in the U.S.," said Doug Parks, GM executive vice president, global product development, purchasing and supply chain. "From there, we have been working through the entire battery supply chain, all the way to raw material recovery. We're building higher levels of vertical integration, driving expanded investment and helping create jobs across North America." GM stock was up 1.3% premarket, but has fallen 1.8% in the year to date, while the S&P 500 has gained 10%.
-Ciara Linnane
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June 02, 2023 07:16 ET (11:16 GMT)
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