(RTTNews) – General Motors Company (GM) and POSCO Future M, an energy materials firm, on Friday announced their second phase of Ultium CAM joint venture or JV of over $1 billion. With this, the companies aim to raise the output of CAM in North America and integrate precursor materials production.
Doug Parks, GM Executive Vice President of GM, said: “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…”
In 2022, the two parties formed Ultium CAM JV, majority owned by POSCO Future M. The site of the JV will be announced later.
The new JV will support production of around 360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles annually during 2025-2030 timeframe in North America.
In addition, GM is moving ahead its works to install one million units of annual EV capacity in North America in 2025.
pCAM is a specifically engineered combination of processed raw materials necessary to produce CAM, a key battery material representing about 40 percent of the cost of a battery cell.