GM And POSCO Chemical Announce New JV To Build Plant In Quebec

(RTTNews) - General Motors Co. (GM) and POSCO Chemical have announced that they are working with the governments of Canada and Quebec to build a new facility in Bécancour, Quebec, estimated at $400 million.

The new facility will produce cathode active material for GM's Ultium batteries, which will power electric vehicles such as the Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ.

The companies previously announced plans to form a CAM processing joint venture in December 2021, majority owned by POSCO Chemical. Construction on the new facility, which the joint venture will operate, will begin immediately and will create approximately 200 jobs.

"GM and our supplier partners are creating a new, more secure and more sustainable ecosystem for EVs, built on a foundation of North American resources, technology and manufacturing expertise," said Doug Parks, GM executive vice president, Global Product Development, Purchasing and Supply Chain. "Canada is playing an important role in our all-electric future, and we are grateful for the strong support we have received from local, provincial and national officials to grow a North American-focused EV value chain."

The Quebec site will process CAM, a key battery material consisting of components like processed nickel, lithium and other materials representing about 40% of the cost of a battery cell.