General Motors and its joint venture battery manufacturing partner POSCO Future M are investing over $1 billion to increase the production of cathode active material, according to a Friday press release.
With the funds, GM and POSCO Future M aim to produce batteries for 360,000 electric vehicles annually.
The partnership to produce CAM, which represents roughly 40% of the cost of producing battery cells, will help GM reach its goal of making 1 million EVs a year by 2025 by fortifying its supply chain.
Read more here: https://www.supplychaindive.com/news/general-motors-1b-ev-batteries-investment/652294