GM, POSCO Chemical Plan New JV Plant In Quebec To Expand EV Supply Chain

• General Motors Co (NYSE:GM) and POSCO Chemical are working with the governments of Canada and Quebec to build a new facility in Bécancour, Quebec, estimated at $400 million (C$500 million).
• The new facility will produce cathode active material (CAM) for GM's Ultium batteries to power electric vehicles like Chevrolet Silverado EV, GMC HUMMER EV, and Cadillac LYRIQ.
• The Quebec site will process CAM, a key battery material consisting of components like processed nickel, lithium, and other materials representing about 40% of the cost of a battery cell. 
• Construction on the new facility will begin immediately and create about 200 jobs.
• Price Action: GM shares are trading lower by 4.36% at $40.55 on the last check Monday.