GM, POSCO Chemical Plan New JV Plant In Quebec To Expand EV Supply Chain

by Shivani Kumaresan, Benzinga Staff Writer
March 7, 2022 12:42 PM | 1 min read |
  • General Motors Co GM and POSCO Chemical are working with the governments of Canada and Quebec to build a new facility in Bécancour, Quebec, estimated at $400 million (C$500 million).
  • The new facility will produce cathode active material (CAM) for GM's Ultium batteries to power electric vehicles like Chevrolet Silverado EV, GMC HUMMER EV, and Cadillac LYRIQ.
  • 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. 
  • Construction on the new facility will begin immediately and create about 200 jobs.
  • Price Action: GM shares are trading lower by 4.36% at $40.55 on the last check Monday.
Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Comments
Posted In: NewsContractsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!