FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook/
BENGALURU: General Motors Co and South Korea’s POSCO Future M say they will invest more to expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment in the plant to over US$1bil (RM4.6bil) .
The companies said the new investment in their Ultium CAM plant, expected to start operating in 2025, would be used to set up additional facilities for local on-site processing of critical minerals used in electric vehicle (EV) batteries.
The companies had invested about US$327mil (RM1.5bil) in the plant last year, according to media reports.
The latest investment in capacity is expected to support GM’s target to build one million EVs in North America by 2025 as major automakers push to make them more accessible to consumers and eventually establish cost parity with internal combustible engines.
Shares of GM rose 1.5% to US$33.50 (RM153) in premarket trading.
In April, GM also partnered with Samsung SDI and the companies said they will invest over US$3bil (RM14bil) to build an EV battery manufacturing plant in the United States.
GM-POSCO’s Ultium CAM, a joint venture established last year, will support production of about 360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles annually between 2025 and 2030 in north America. — Reuters
