DETROIT – General Motors plans to spend $19 billion over roughly the next decade to source critical materials for use in electric vehicle batteries from LG Chem, the companies said Wednesday.
The long-term supply contract will see LG Chem supply GM with more than 500,000 tons of cathode materials – include nickel, cobalt, manganese, aluminum – from 2026 through 2035, the South Korean supplier said in a release.
LG Chem said it aims to "bolster cooperation with GM in the North American market" through the deal.
Jeff Morrison, GM vice president of global purchasing and supply chain, said the "contract builds on GM's commitment to create a strong, sustainable battery EV supply chain to support our fast-growing EV production needs."
The contract is likely one of the largest, if not the largest, EV supply deals that GM has signed.
Persons:
LG Chem, Jeff Morrison
Organizations:
DETROIT, Motors, LG Chem, South, LG, GM, EV
Locations:
Tennessee, North America