General Motors and POSCO Future M, a subsidiary of South Korean steelmaker POSCO, have announced plans to boost investment at their battery materials plant in Bécancour, Quebec. The companies will invest an additional $221 million in the plant, which is expected to create an additional 200 jobs.
The investment will be used to expand the plant's production capacity and to develop new battery materials technologies. The plant is scheduled to begin production in 2024 and will produce cathode active material (CAM) for GM's Ultium battery platform.
The investment is a sign of GM's commitment to its electric vehicle business. The company has said that it plans to invest $35 billion in electric and autonomous vehicles by 2025.
The investment is also a sign of POSCO's commitment to the North American market. The company has said that it plans to invest $10 billion in North America by 2025.
The investment is a win-win for both GM and POSCO. It will help GM to secure a supply of battery materials for its electric vehicles, and it will help POSCO to expand its presence in the North American market.
The investment is also a win for Canada. It will create jobs and help to develop Canada's clean energy sector.
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