GM Looks To Shore Up Materials for EV Growth
More commonly known as GM, General Motors is in the process of securing the raw material necessary for its electric vehicle batteries. GM and Glencore announced a multi-year agreement recently. Glencore mines produce and also recycle raw materials. Glencore has its headquarters established in Baar, Switzerland. It will supply cobalt to GM from Murrin Murrin’s operation in Australia. Cobalt is an essential metal that provides batteries energy, longevity, and density. This cobalt will be used in Ultium batteries.
As GM can secure cobalt, this explains that it will keep its promise to bring 30 new EVs to market by 2025. GM vice President named Jeff Morrison explained that sourcing raw material is completely sustainable for the ecosystem.
Currently, the Ultrium battery powers the 2022 GMC Hummer EC pickup and 2023 Cadillac Lyriq SUV. However, vehicles like the 2024 Chevrolet Silverado EV, Equinox EV, and Blazer EV will be pinned in 2024.
GM and Glencore are members of Responsible Minerals Initiatives. Hence, all operations carried out are sustainable. Moreover, GM is stepping forward slowly and gradually. It also plans to build around 1 million EVs in North America.
GM and Partnerships with POSCO and Other Firms
GM is looking forward to collaborations with other countries and companies too. Last month, it said that it would build a new factory in Canada, a joint project with a South Korean company named POSCO chemical. This project will be a building block for Michigan’s future electric vehicles.
Talks are in process with the Canadian government to implement this project. In addition to this, the company will be between Montreal and Quebec City. This factory will use the active cathode material for the GM’s battery cell plants. Cathode active material commonly referred to as CAM, is one of the key active and primary battery ingredients. It contains processed nickel with other metals such as Lithium. Other materials are also confined in the battery, which presents a 40 percent battery cost.
Apart from the new plant planned in Canada, GM and American Honda are also planning to come up with a series of affordable EVs. These EVs will be priced at $30,000 and will also go on sale at the start of 2027.
The EV Investment Continues to Grow
GM is one of the many conventional automotive players stepping into the EV sector. These auto manufacturers are seeing the gradual demand by consumers and the push by governments to meet certain goals by the end of this decade. As they continue to see this demand and further push by their respective governments to meet certain standards, they continue to shore up on the necessary infrastructure and will allocate more funds to investment and re-investment.