Posco|General Motors Canada

Posco Chemical and General Motors have established a joint venture in Canada to produce cathode active material (CAM) for GM's Ultium batteries used in electric vehicles. The joint venture, named Ultium CAM (Cathode Active Materials), is majority-owned by Posco Chemical with an 85% stake, while GM holds the remaining 15%. The venture was formed in July 2022 and is majority-owned by POSCO Future M. Ultium CAM is a large-scale CAM manufacturing facility in Bécancour, Quebec, Canada, with an investment exceeding C$600 million. The plant is scheduled to begin production in the first half of 2025 and is expected to create approximately 200 direct full-time jobs. The joint venture aims to support GM's rapidly expanding battery production in North America, with plans to supply CAM for the production of about 360,000 Chevrolet, Cadillac, GMC, Buick, and BrightDrop vehicles annually between 2025 and 2030. In June 2023, the companies announced plans to expand the joint venture to include precursor CAM (pCAM) production, further strengthening the North American battery supply chain. The CAM produced will include metals such as lithium, cobalt, nickel, and other components crucial for the performance and efficiency of lithium-ion batteries used in electric vehicles.