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Tuesday, June 18, 2024

LG Chem to supply cathode for EV use to General Motors

UK
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Automobile Magazine
Editor | News | United Kingdom

South Korean chemical company, LG Chem, secured a long-term cathode material supply contract with General Motors on Thursday worth KRW 25 trillion (approximately $18.81 billion).

LG Chem plans to supply North American-sourced cathode materials to General Motors starting in 2026.

The company aims to bolster cooperation with General Motors in the North American market by utilizing its cathode plant in Tennessee as a production hub for the global battery material market.

Under the long-term supply contract to run between 2026 and 2035, LG Chem will supply GM with more than 500,000 tons of cathode materials, enough to power 5 million units of high-performance pure electric vehicles (EVs) with a range of 500 kilometers on a single charge.

The NCMA (nickel, cobalt, manganese, and aluminum) cathode materials produced in the Tennessee plant are expected to be primarily used by Ultium Cells, a joint venture between LG Energy Solution and General Motors.

‘This contract builds on General Motors’s commitment to create a strong, sustainable battery EV supply chain to support our fast-growing EV production needs,’ said Jeff Morrison, General Motors vice president of global purchasing and supply chain.

By Zeynep Beyza Kilic

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