(Source: Company's official website)
GM said the cobalt locked in in the agreement comes from Glencore Australia's Murrin Murrin nickel-cobalt mine and will be used in the company's Ultium battery cathode, which will be used in GM's electric vehicles such as Chevrolet Sorod, GMC Hummer, Cadillac LYRIQ and so on.
Obviously, electric vehicle batteries need more than just cobalt, in order to ensure that by the end of 2025 in North America can produce a million electric vehicles, GM has signed supply agreements with a number of raw material companies, and even included building its own joint venture battery factory.
At present, GM and POHANG Chemical have decided to establish a joint venture plant in Quebec, Canada to produce cathode active materials, and signed a purchase agreement for lithium resources with the California geothermal lithium extraction company CTR, and the rare earth materials part cooperates with GE to create an industrial chain, and also locks in the alloy flakes and rare earth magnet production capacity of MP materials.
(Proofreading/Andy)