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According to Bloomberg, people familiar with the matter revealed that Ford Motor, General Motors and Stellantis are working with South Korea's Posco Chemical Co.
Discussions are being held
to invest in a plant for battery materials for electric vehicles in North America.
Discussions are being held
to invest in a plant for battery materials for electric vehicles in North America.
The plants will produce cathode or anode materials, but negotiations are still in the preliminary stages and an agreement may not be reached
, people familiar with the matter said.
Posco Chemical is also in talks
with other automakers for similar investments.
Pohang declined to comment, while representatives of Ford, Stellantis and GM declined to comment
.
, people familiar with the matter said.
Posco Chemical is also in talks
with other automakers for similar investments.
Pohang declined to comment, while representatives of Ford, Stellantis and GM declined to comment
.
On November 1, Pohang Chemical CEO Min Kyung-zoon told the media that the company was in talks with three automakers to build battery materials plants in the United States, but did not say which automakers
specifically.
In July, POSCO won a three-year contract worth 13.
7 trillion won ($10.
5 billion) from GM to supply cathode materials
for high-nickel batteries to a joint venture between GM and South Korean battery maker LG Energy Solution.
specifically.
In July, POSCO won a three-year contract worth 13.
7 trillion won ($10.
5 billion) from GM to supply cathode materials
for high-nickel batteries to a joint venture between GM and South Korean battery maker LG Energy Solution.
GM plans to invest USD 35 billion to achieve full electrification by 2035; Ford will invest $50 billion in electrification, planning to produce 2 million electric vehicles a year by 2026; Stellantis aims to deploy 75 pure electric models by 2030 and sell 5 million vehicles a year
.
.
The rapid transition to electric vehicles in the automotive industry has made battery procurement and battery materials a new battlefield
for automakers.
In recent months, companies such as Honda Motor, Ford and Stellantis have partnered with LG Energy Solution, SK Innovation and Samsung SDI to invest billions of dollars in battery factories
in North America.
for automakers.
In recent months, companies such as Honda Motor, Ford and Stellantis have partnered with LG Energy Solution, SK Innovation and Samsung SDI to invest billions of dollars in battery factories
in North America.
This week, POSCO just completed the expansion of its cathode active materials plant in Gwangyang, South Korea
.
The company said the plant, with an annual capacity of 90,000 tons, could provide materials
for 1 million electric vehicles a year.
.
The company said the plant, with an annual capacity of 90,000 tons, could provide materials
for 1 million electric vehicles a year.
Chung Daehun, head of the company's energy materials business unit, said in an interview: "Now the order is scheduled for 2026, and we are still choosing a location
for the new plant in Europe.
”
for the new plant in Europe.
”
Ford, GM, etc.
and Posco Chemical are negotiating to build a material plant in North America
and Posco Chemical are negotiating to build a material plant in North America
