(Reuters) – General Motors Co and South Korea’s advanced materials company POSCO Chemical will build a facility in Canada to produce a key battery material for the U.S. automaker that has been ramping up its electric vehicle production.
The cathode active material (CAM) will be used for making GM’s Ultium batteries that will power the company’s electric vehicles such as Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ.
The facility, to be built in Bécancour, Quebec at estimated $400 million, is expected to create about 200 jobs, the companies said on Monday.
In December, the automaker had announced plans to form a joint venture with South Korea’s POSCO to build a battery cathode materials plant in North America by 2024.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Shinjini Ganguli)
