Magical Trade
Thursday, February 2, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

GM Drops EV Supply-Chain Bomb With Partnership for Battery Components

by
December 1, 2021
in Trade News
0
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter
Text size

GM wants to sell only EVs by 2035.

Jeffrey Sauger for General Motors


General Motors

took another step toward vertically integrating its supply chain for electric vehicles, disclosing a plan to work with


POSCO Chemical

to build a North American factory to manufacture materials for battery cathodes.

RELATED POSTS

Starbucks misses expectations as China Covid surge hurts international sales

Stocks making the biggest moves after hours: Apple, Amazon, Ford and more

It’s a big step for GM, the car business, and even for the U.S. Shares of GM (ticker: GM) gained on the news, rising about 3.7% to a hair under $60 by midday on Wednesday.

The

S&P 500
and

Dow Jones Industrial Average
were up 1.7% and 1.3%, respectively as markets bounced back from Tuesday’s selloff related to the Omicron variant of Covid-19.

General Motors (ticker: GM) has big plans for EVs: It wants to sell only electric vehicles by 2035. GM plans to build battery factories with


LG Chem

(051910. Korea), but batteries need materials too.

That is where the new plant fits in. Right now, most cathode materials—cathodes and anodes are opposite sides of a battery that facilitate the flow of electricity—are manufactured in Asia. Bringing production to the U.S. saves cost and gives GM more control over supply and technological development.

“Our work with POSCO Chemical is a key part of our strategy to rapidly scale U.S. EV production and drive innovation in battery performance, quality and cost,” said Doug Parks, GM executive vice president, Global Product Development, Purchasing and Supply Chain, in GM’s news release. “We are building a sustainable and resilient North America-focused supply chain for EVs covering the entire ecosystem from raw materials to battery cell manufacturing and recycling.”

The cathodes EV investors hear about these days include elements such as iron, cobalt, nickel, and lithium. Those are the materials that will be fed into the new facility. Supplies of those elements are one more step back along the EV supply chain.

Cathode materials from the plant will flow into GM’s new battery factories, which will supply the automotive assembly operations. The supply-chain work, plus research and development by GM, is intended to drive costs down. That could help GM to produce a Chevy EV crossover. midway in size between a sedan and an SUV, starting at about $30,000 by mid-decade, as management has said it plans to do.

The plant will be operational around 2024. GM expects it to create hundred of jobs—positions that would have ended up overseas without local investment. The company hasn’t disclosed a location for the factory.

Write to Al Root at allen.root@dowjones.com

ShareTweetPin

Related Posts

Starbucks misses expectations as China Covid surge hurts international sales

by
February 2, 2023
0

In this article SBUX Follow your favorite stocksCREATE FREE ACCOUNT A Starbucks store is seen inside the Tom Bradley terminal...

Stocks making the biggest moves after hours: Apple, Amazon, Ford and more

by
February 2, 2023
0

In this article AMZNSBUXFAAPLGOOGL Follow your favorite stocksCREATE FREE ACCOUNT "Chinese companies are getting pretty competitive for iPhone assemblers. China...

Eli Lilly’s post-earnings decline is creating a buying opportunity for long-term investors

by
February 2, 2023
0

Eli Lilly (LLY) reported mixed fourth-quarter results Thursday morning, but we're looking through the stock's post-earnings sell-off because there's no...

Ford posts full-year net loss, ugly fourth quarter as ‘execution issues’ plague operations

by
February 2, 2023
0

In this article F Follow your favorite stocksCREATE FREE ACCOUNT Ford CEO Jim Farley takes off his mask at the...

Amazon beats on fourth-quarter revenue but provides light guidance

by
February 2, 2023
0

In this article AMZN Follow your favorite stocksCREATE FREE ACCOUNT Andy Jassy, CEO of Amazon and then CEO of Amazon...

Next Post

Dow finishes 450 points lower in major reversal triggered by first U.S. omicron case

Retailers need to stoke the Christmas spirit to hit lofty holiday sales targets

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Josh Brown says Nvidia’s potential is ‘scary’ ahead of a potential AI boom

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net