- General Motors Co GM and POSCO Future M disclosed a new investment of over $1 billion to expand their Ultium CAM joint venture.
- The investment related to the second phase of their Ultium CAM joint venture entails enhancing CAM production capacity in North America and integrating precursor materials production.
- GM aims to install 1 million units of annual EV capacity in North America in 2025, backed by four U.S. battery cell joint venture plants (160GWh of capacity) and accelerate further in coming years.
- Related: GM To Cease Chevrolet Bolt Production By Year’s End, Focus On Ultium-Based EVs
- The Ultium CAM joint venture is expected to support the production of around 360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles annually in North America during 2025-2030.
- The companies established the Ultium CAM joint venture in July 2022.
- “Increasing CAM production capacity and adding pCAM to our joint venture is another significant step in building a more secure and sustainable North America-focused supply chain to support GM’s fast-growing EV production needs,” said Doug Parks, GM executive vice president, Global Product Development, Purchasing and Supply Chain.
- Last month, GM and POSCO welcomed Quebec and Canadian government support for developing an EV battery supply chain in North America.
- Also Read: General Motors, Samsung SDI Plan $3B Battery Plant In US
- Price Action: GM shares are trading higher by 1.61% at $33.55 premarket on the last check Friday.
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