Complex planned to produce Cathode Active
Material (CAM) and Precursor CAM (pCAM) for 360,000 EVs
annually
- New investment expanding the Ultium CAM joint venture,
projected to exceed $1 billion, which
includes an additional CAM and a precursor facility for local
on-site processing of critical minerals
- GM's partnerships, investments and strategic supply
agreements across the EV supply chain are helping to create
thousands of jobs in Canada,
the United States and free trade
agreement countries
DETROIT, June 2, 2023
/PRNewswire/ -- General Motors Co. (NYSE: GM) and POSCO Future M
announced today the second phase of their Ultium CAM joint venture,
an investment projected to exceed $1
billion (U.S.) to increase production capacity of CAM in
North America and integrate
precursor materials production. pCAM is a specifically engineered
combination of processed raw materials necessary to produce CAM, a
key battery material representing about 40% of the cost of a
battery cell. Currently, CAM and pCAM processing is highly
concentrated in Asia.
GM is executing plans to install 1 million units of annual EV
capacity in North America in 2025,
supported by four U.S. battery cell joint venture plants with
160GWh of capacity and grow from there in subsequent years. The
Ultium CAM joint venture will support production of approximately
360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles
annually in the 2025-2030 timeframe in North America.
"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. "We started by establishing battery cell production in
the U.S. 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."
"We are experiencing rapid growth of the EV battery materials
market across North America. I
believe our joint venture will fortify its position in the
secondary battery material industry with this proactive decision to
increase CAM production and bring pCAM production to North America," said Kim Joon-Hyung, President, POSCO Future M.
"POSCO Future M's advanced technology and experience is supported
by our expanding partnership with GM. We are aiming to play a key
role in the eco-friendly mobility market with our products."
The companies established the Ultium CAM joint venture, which is
majority owned by POSCO Future M, in July
2022. Site selection will be announced later.
Today's milestone announcement is the latest in a series of
actions GM has taken to build a more secure EV supply chain. A
timeline of GM's major supply chain development appears below:
Raw Material
Recovery and Processing
|
July 2021
|
Announced strategic
investment and commercial collaboration with Controlled Thermal
Resources to develop California-sourced lithium extracted from
geothermal brine
|
Dec. 2021
|
Announced long-term
supply with MP Materials for U.S.-sourced and manufactured rare
earth materials, alloy and finished magnets. MP Materials is
establishing the first North American processing site for alloy
flakes, and will expand into magnet manufacturing at their new
production facility in Ft. Worth, Texas
|
Dec. 2021
|
Announced plan with
POSCO Future M to produce CAM in Canada; site work in Quebec
commenced in March 2022
|
April 2022
|
Announced multi-year
sourcing agreement with Glencore for sustainable cobalt from
Australia
|
July 2022
|
Announced six-year
agreement with Livent beginning in 2025 for battery-grade lithium,
with the goal of transitioning 100% of Livent's downstream lithium
hydroxide processing for GM to North America
|
July 2022
|
Announced supply
agreement with LG Chem, which will provide GM with more than
950,000 tons of CAM over eight years, enough for approximately 5
million units of EV production
|
July 2022
|
GM announced it has
reached binding agreements with its supplier partners to achieve
its target production rate of more than 1 million EVs annually in
North America in 2025
|
Oct. 2022
|
Announced strategic
collaboration with Queensland Pacific Metals (QPM) of Australia for
long-term supply of nickel and cobalt
|
Nov. 2022
|
GM announced agreement
with Vale to source nickel from Canada
|
Dec. 2022
|
Ultium Cells LLC signed
a supply agreement with POSCO Future M to source artificial
graphite from Korea
|
Jan. 2023
|
GM announced supply
agreement and $650 million equity investment in Lithium Americas to
develop the Thacker Pass lithium mine in Nevada - the largest-ever
investment by an automaker in battery raw materials; construction
commenced in March 2023
|
|
Cell Manufacturing
and R&D
|
Dec. 2019
|
GM formed the Ultium
Cells LLC joint venture with LGES for U.S. battery cell
production
|
Oct. 2021
|
GM announced Wallace
Battery Cell Innovation Center in Warren, Michigan, to expand
battery technology operations and accelerate development and
commercialization of longer range, more affordable EV
batteries
|
Aug.
2022
|
Ultium Cells LLC began
ramp up of battery cell production in Warren, Ohio
|
April 2023
|
GM and Samsung SDI
announced plan to build a new battery cell manufacturing plant in
the U.S.
|
|
EV
Components
|
Sept. 2022
|
GM announced investment
in its Toledo, Ohio, propulsion manufacturing operations to prepare
the facility for production of drive units that will be used in
future Ultium-based battery electric trucks
|
Nov. 2022
|
GM announced binding
long-term agreement with Vacuumschmelze (VAC) for North America
magnet production
|
Feb.
2023
|
GM announced plans to
build EV motors for BrightDrop light commercial vehicles at its St.
Catharines, Ontario, propulsion plant
|
General Motors (NYSE:GM) is a global company focused
on advancing an all-electric future that is inclusive and
accessible to all. At the heart of this strategy is the Ultium
battery platform, which will power everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under
the Chevrolet, Buick, GMC, Cadillac, Baojun
and Wuling brands. More information on the company and
its subsidiaries, including OnStar, a global leader in vehicle
safety and security services, can be found
at https://www.gm.com.
POSCO Future M is a global advanced materials
company dedicated to battery for future mobility. It is producing
high-capacity Ni-rich cathode materials and low-expansion anode
materials for EV batteries, and has a set of technologies such as
NCM, NCMA and NCA cathode, silicon anode and materials for
solid-state battery. POSCO Group is building a strong value chain
across battery business from raw materials to battery recycling.
Detailed information can be found on its
website (https://www.poscofuturem.com/).
Cautionary Note on Forward-Looking
Statements: This press release and related
comments by management may include "forward-looking statements"
within the meaning of the U.S. federal securities laws.
Forward-looking statements are any statements other than statements
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"potential," "priorities," "project," "pursue," "seek," "should,"
"target," "when," "will," "would," or the negative of any of those
words or similar expressions. In making these statements, we rely
upon assumptions and analysis based on our experience and
perception of historical trends, current conditions, and expected
future developments, as well as other factors we consider
appropriate under the circumstances. We believe these judgments are
reasonable, but these statements are not guarantees of any future
events or financial results, and our actual results may differ
materially due to a variety of factors, many of which are described
in our most recent Annual Report on Form 10-K and our other filings
with the U.S. Securities and Exchange Commission. We caution
readers not to place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and we undertake no obligation to update publicly or otherwise
revise any forward-looking statements, whether as a result of new
information, future events, or other factors that affect the
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SOURCE General Motors Co.