GM, Posco JV Will Produce Battery Materials
December 01 2021 - 11:52AM
Dow Jones News
By Stephen Nakrosis
General Motors Co. said Wednesday it was forming a joint venture
to produce battery materials.
The auto maker said it will join with Posco Chemical to build a
factory in North America that would "process critical battery
materials for GM's Ultium electric vehicle platform." The location
of the factory, which is expected to open in 2024, will be
announced at a later date, the companies said.
The companies signed a non-binding term sheet to create the JV
"and expect to execute definitive agreements soon," they said.
GM said the new facility will supply the Ultium Cells LLC
facilities it is building in Ohio and Tennessee with LG Energy
Solution. Two more U.S.-based Ultium cell plants are planned by the
middle of the decade, GM added.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 01, 2021 11:37 ET (16:37 GMT)
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