MICHIGAN, July 26 (Reuters): General Motors Co said on Tuesday it had signed multi-year agreements with LG Chem Ltd and Livent Corp to secure key raw materials used in manufacturing batteries for electric vehicles.
With the latest deals, GM said it had lined up supplies for all battery raw materials, including lithium, nickel, cobalt and cathode active material, and was on course to reach its goal of producing 1.0 million EVs annually in North America by end-2025.
Nudged by the US government and looking to get ahead in a booming market for EVs, automakers are striking deals to source key inputs for batteries, with an aim to localize the supply at some point.
LG Chem will supply GM with 968,000 tons of cathode material starting in the second half of 2022 through 2030, enough for about 5 million EVs, GM said.
GM signs multi-year agreements with LG Chem
FE Team | Published: July 26, 2022 22:54:27
GM signs multi-year agreements with LG Chem
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