GM and POSCO Future M to Expand EV Battery Supply Chain in North America with New Integrated CAM and Precursor Processing Complex

Complex planned to produce Cathode Active Material (CAM) and Precursor CAM (pCAM) for 360,000 EVs annually

• New investment expanding the Ultium CAM joint venture, projected to exceed $1 billion, which includes an additional CAM and a precursor facility for local on-site processing of critical minerals
• GM's partnerships, investments and strategic supply agreements across the EV supply chain are helping to create thousands of jobs in Canada, the United States and free trade agreement countries

DETROIT, June 2, 2023 /PRNewswire/ -- General Motors Co. (NYSE: GM) and POSCO Future M announced today the second phase of their Ultium CAM joint venture, an investment projected to exceed $1 billion (U.S.) to increase production capacity of CAM in North America and integrate precursor materials production. pCAM is a specifically engineered combination of processed raw materials necessary to produce CAM, a key battery material representing about 40% of the cost of a battery cell. Currently, CAM and pCAM processing is highly concentrated in Asia.

GM is executing plans to install 1 million units of annual EV capacity in North America in 2025, supported by four U.S. battery cell joint venture plants with 160GWh of capacity and grow from there in subsequent years. The Ultium CAM joint venture will support production of approximately 360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles annually in the 2025-2030 timeframe in North America.

"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. "We started by establishing battery cell production in the U.S. From there, we have been working through the entire battery supply chain, all the way to raw material recovery. We're building higher levels of vertical integration, driving expanded investment and helping create jobs across North America."

"We are experiencing rapid growth of the EV battery materials market across North America. I believe our joint venture will fortify its position in the secondary battery material industry with this proactive decision to increase CAM production and bring pCAM production to North America," said Kim Joon-Hyung, President, POSCO Future M. "POSCO Future M's advanced technology and experience is supported by our expanding partnership with GM. We are aiming to play a key role in the eco-friendly mobility market with our products."

The companies established the Ultium CAM joint venture, which is majority owned by POSCO Future M, in July 2022. Site selection will be announced later.

Today's milestone announcement is the latest in a series of actions GM has taken to build a more secure EV supply chain. A timeline of GM's major supply chain development appears below:

General Motors (NYSE: GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com. 

POSCO Future M is a global advanced materials company dedicated to battery for future mobility. It is producing high-capacity Ni-rich cathode materials and low-expansion anode materials for EV batteries, and has a set of technologies such as NCM, NCMA and NCA cathode, silicon anode and materials for solid-state battery. POSCO Group is building a strong value chain across battery business from raw materials to battery recycling. Detailed information can be found on its website (https://www.poscofuturem.com/).

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words such as "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

View original content:https://www.prnewswire.com/news-releases/gm-and-posco-future-m-to-expand-ev-battery-supply-chain-in-north-america-with-new-integrated-cam-and-precursor-processing-complex-301840868.html

SOURCE General Motors Co.