General Motors Co. and POSCO Future M announced the second phase of their Ultium CAM joint venture, an investment projected to exceed $1 billion to increase production capacity of CAM in North America and integrate precursor materials production. pCAM is a specifically engineered combination of processed raw materials necessary to produce CAM, a key battery material representing about 40 percent of the cost of a battery cell. Currently, CAM and pCAM processing is highly concentrated in Asia.
GM is executing plans to install one million units of annual EV capacity in North America in 2025, supported by four U.S. battery cell joint venture plants with 160GWh of capacity and grow from there in subsequent years. The Ultium CAM joint venture will support production of approximately 360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles annually in the 2025-2030 time-frame in North America.
“Increasing CAM production capacity and adding pCAM to our joint venture is another significant step in building a more secure and sustainable North America-focused supply chain to support GM’s fast-growing EV production needs,” said Doug Parks, GM executive vice president, global product development, purchasing and supply chain. “We started by establishing battery cell production in the U.S. From there, we have been working through the entire battery supply chain, all the way to raw material recovery. We’re building higher levels of vertical integration, driving expanded investment and helping create jobs across North America.”
The companies established the Ultium CAM joint venture, which is majority owned by POSCO Future M, in July 2022. Site selection will be announced later.
