- EV Tech Insider
- Posts
- GM will source cathode materials from LG Chem, investing $19 billion through 2035
GM will source cathode materials from LG Chem, investing $19 billion through 2035
General Motors plans to invest $19 billion over the next decade to source materials for electric vehicle batteries from LG Chem.
The companies announced that the long-term supply contract will enable LG Chem to provide GM with over 500,000 tons of cathode materials, including nickel, cobalt, manganese, and aluminum, from 2026 through 2035.
The South Korean supplier stated that this supply would be sufficient to power 5 million units of EVs with a range of more than 300 miles. The cathode materials will be sourced from an LG plant currently under construction in Tennessee, which will supply GM’s joint venture battery cell plants in North America.
The partnership between the two companies was first announced in July 2022, but details regarding price or production location were not disclosed. The original agreement was set to expire after 2030, but the latest iteration extends the deal for an additional five years.
LG Chem expressed its intention to strengthen cooperation with GM in the North American market through this deal. The contract is likely one of the largest EV supply deals that GM has signed.
The post GM will source cathode materials from LG Chem, investing $19 billion through 2035 first appeared on EV Tech Insider.