GM to Build EV Battery Materials Plant in Canada, Will Cost $400 Million
Traditional automakers are making their foray into electric vehicles (EVs), and following a December announcement that General Motors (GM) would process cathode material for its Ultium batteries by 2024, the automaker is holding to it.
GM is pouring an estimated$400 million (~$500 million CAD) into a Bécancour, Quebec production facility for cathode active material (CAM) for use in the automaker’s Ultium EV platform, according to a press release shared on Monday.
The plant will come through a partnership between GM and Posco Chemical, and construction is expected to begin immediately.
GM’s Executive Vice President of Global Product Development, Purchasing and Supply Chain Doug Parks said, “GM and our supplier partners are creating a new, more secure and more sustainable ecosystem for EVs, built on a foundation of North American resources, technology and manufacturing expertise.”
Parks continued, “Canada is playing an important role in our all-electric future, and we are grateful for the strong support we have received from local, provincial and national officials to grow a North American-focused EV value chain.”
The news supports GM’s plans to double annual revenues by 2030 in a move to EVs.
Fellow North American automaker Tesla also plans to build cathode material at its Gigafactory Texas, as revealed in filings with the city of Austin last month.
Earlier today, it was reported BASF would be building a new EV battery materials facility in Quebec as well.