General Motors announces it will build a new cathode plant in North America
General Motors announced that it will construct a new cathode factory in North America for its electric vehicle batteries. The factory, which will be built under a joint venture with South Korea’s Posco Chemical, will process cathode active material (CAM), which represents about 40 percent of the cost of an EV battery cell.
Much like the rest of the auto industry, GM is racing to boost its EV offerings, vowing to spend $27 billion on the development and production of 30 new electric vehicles by 2025. To accomplish this enormous feat, the company is trying to get a stronger grasp on its supply chain, which includes battery manufacturing. The company has said it will spend over $4 billion on the construction of two battery factories in…