Recently, GM Group announced that it will invest $400 million in cooperation with South Korean company POSCO Chemical to build a battery materials factory in Canada to vigorously promote GM's electric vehicle production plan. The new plant will produce cathode-active materials primarily for batteries of models built through the Ultium platform, the most expensive part of the battery, containing processed nickel, lithium and other materials, which account for 40 percent of the total cost of the battery.
The two companies also said they would start building the plant immediately, which will provide 200 jobs when completed, and are expected to be operational in 2025. The establishment of the new plant will greatly promote GM's electrification process and increase its electric vehicle production. GM plans to produce 1 million electric vehicles in North America by the end of 2025, and the cathode active materials produced at the plant will be used in models such as pure electric Solod, pure electric Hummer, and Cadillac Lyriq.