General Motors and POSCO Chemical to build C$500M facility in Quebec

Mario Tama/Getty Images News

• General Motors (GM -3.3%) and POSCO Chemical to build a new facility in Bécancour, Quebec, estimated at C$500M.
• The new facility will produce cathode active material (CAM) for GM's Ultium batteries, which will power electric vehicles such as the Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ.
• Construction on the new facility will begin immediately and will create approximately 200 jobs.
• "GM and our supplier partners are creating a new, more secure and more sustainable ecosystem for EVs, built on a foundation of North American resources, technology and manufacturing expertise," said Doug Parks, GM executive vice president, Global Product Development, Purchasing and Supply Chain. "Canada is playing an important role in our all-electric future, and we are grateful for the strong support we have received from local, provincial and national officials to grow a North American-focused EV value chain."
• By the end of 2025, GM plans to have capacity to build 1M electric vehicles in North America.

Comments

[The Technology Metals Analyst]

1,000,000 BEVs will require 90 gigawatt hours of batteries,which will require a minimum of 36,000 tons of lithium (measured as carbonate).

[leftside]

@The Technology Metals Analyst Which Canadian (preferably Quebec or Ontario based) lithium miners should we be looking at? For me it’s Frontier Lithium and Critical Elements.

[Clark158f1]

GM added to my watch list.........The entire market is terribly oversold but I'm only focused on the really cheap stocks.

I may take a starter position today.

Edit: started small $ 40.65