General Motors-POSCO Injects Over $1B In JV, Boost EV Battery Supply Chain In North America

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.