By Stephen Nakrosis
General Motors Co. said Wednesday it was forming a joint venture to produce battery materials.
The auto maker said it will join with Posco Chemical to build a factory in North America that would "process critical battery materials for GM's Ultium electric vehicle platform." The location of the factory, which is expected to open in 2024, will be announced at a later date, the companies said.
The companies signed a non-binding term sheet to create the JV "and expect to execute definitive agreements soon," they said.
GM said the new facility will supply the Ultium Cells LLC facilities it is building in Ohio and Tennessee with LG Energy Solution. Two more U.S.-based Ultium cell plants are planned by the middle of the decade, GM added.
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(END) Dow Jones Newswires