June 2, 2023 – TheNewswire – General Motors (NYSE: GM), a leading electric vehicle producer, and POSCO Future M have announced the second phase of their Ultium CAM joint venture, aiming to boost North America’s CAM production capacity.
pCAM is a specifically engineered combination of processed raw materials necessary to produce CAM, a key battery material representing about 40% of the cost of a battery cell. Currently, CAM and pCAM processing is highly concentrated in Asia.
With an investment exceeding $1 billion, this collaboration will reduce reliance on Asia for CAM processing, supporting GM’s plans to install 1 million units of annual EV capacity in North America by 2025. The joint venture will contribute to the production of approximately 360,000 vehicles annually, including Chevrolet, Cadillac, GMC, Buick, and BrightDrop models, from 2025 to 2030.
Doug Parks, GM executive vice president stated: “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.”
General Motors is a global company focused on advancing an all-electric future, to power everything from mass-market to high-performance vehicles.
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