Autos

GM to form new joint venture to produce crucial materials for EVs

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Production is now set to begin at the former Detroit-Hamtramck assembly plant, less than two years after GM announced the massive $2.2 billion investment to fully renovate the facility to build a variety of all-electric trucks and SUVs.

Photo by Jeffrey Sauger for General Motors

DETROIT – General Motors plans to form a new joint venture with a South Korean chemical company to produce the critical materials needed for EV batteries — a significant move to control its supply chain and lessen the chances of disruptions in the future.

The Detroit automaker on Wednesday said it signed a nonbinding term sheet with Posco Chemical to create the joint venture and expects to execute definitive…



Source cnbc.com

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