GM

Company to build new cathode plant in North America

General Motors announced that it will build a new cathode plant in North America that will produce battery components for electric vehicles. The plant, which is being built as part of a joint venture with South Korean Posco Chemical, will process cathode active material (CAM), which represents around 40% of the cost of a battery.

Like other automakers, GM is looking to expand its EV lineup. The company promises to invest $27 billion in the development and production of 30 new electric cars by 2025. To make those plans a reality, GM is trying to strengthen its supply chain. The company said it will spend more than $4 billion to build two battery plants in North America in partnership with LG Chem.

The new cathode plant will supply battery materials to two auto plants in Ohio and Tennessee that are currently under construction. In addition, GM plans to build two more battery cell factories by the middle of the decade. GM did not reveal the location of the new cathode plant, but said it would be launched in 2024.

GM says it intends to get rid of cobalt, the most expensive battery material, in its batteries and is exploring alternative battery technologies. The company recently struck a deal to extract lithium, a key material for battery production, from geothermal fields in the United States. The company's other efforts include creating a new research center in Michigan to develop more durable and environmentally friendly batteries for electric vehicles.

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