Shares of automobile giant, General Motors Co. (NYSE: GM) were on an upswing in morning trading at the time of publishing on Friday after the company announced a joint venture with POSCO Future M to expand the EV battery supply chain in North America. The investment is expected to exceed $1 billion and is likely to ramp up the production capacity of CAM in North America.
The company added, “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.”
GM plans to install 1 million units of annual EV capacity in North America in 2025, “supported by four U.S. battery cell joint venture plants with 160GWh of capacity, and grow from there in subsequent years.”
This joint venture is expected to support production of around “360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles annually in the 2025-2030 timeframe in North America.”
Analysts are cautiously optimistic about GM stock with a Moderate Buy consensus rating based on six Buys and five Holds.