DETROIT — General Motors is forming a joint venture to process cathode active material in North America, localizing a key piece of the battery supply chain that's now primarily in Asia.
GM expects to finalize the joint venture with Posco Chemical, a South Korean advanced materials company, by the first quarter. GM also plans to announce the location of the cathode plant, which would open in 2024, by March, the automaker said last week.
The companies did not disclose their financial commitment, but Doug Parks, GM's executive vice president for global product development, purchasing and supply chain, told reporters last week that the partnership "will be a significant investment by both companies, both in dollars and strategically."