General Motors forged a new joint venture with South Korean battery maker Posco. The move is part of its efforts to bolster its EV supply chain for North American electric vehicle production.
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GM’s announced plans for a joint venture to produce the cathode active materials used for battery production.
GM Executive Vice President Doug Parks made the announcement Wednesday, without providing much additional detail, such as what percentage of the company will GM own and how much it’s investing. In fact, technically the deal isn’t done, although he did note the new venture is expected to begin during the first quarter of next year…
The new venture, which doesn’t yet have a name as it’s not a formal entity yet, will produce the cathode active materials, or CAMs, for EV batteries. CAMs account for about 40% of the cost of a battery cell.