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GM says it plans to form JV, build NA battery materials plant -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : A new GM logo can be seen on the Detroit General Motors headquarters, Michigan, U.S.A, March 16, 2021. REUTERS/Rebecca Cook/File Photo

(Reuters) – General Motors Co. (NYSE:) announced Wednesday that it will form a joint venture company with South Korea’s POSCO (NYSE:) To build a North American battery cathode material plant by 2024.

The announcement comes at a time when GM has increased production of electric cars and is vowing to move more of its supply chain into North America. GM declined to disclose the size or investment plans for the plant, though it indicated that it may announce a new location by early 2022. GM stated that it intends to stop the sales of lighter duty internal combustion engines by 2035.

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