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(Reuters) – General Motors Co (NYSE:GM) said Wednesday it plans to form a joint venture with South Korea’s POSCO (NYSE:PKX) to build a battery cathode materials plant in North America by 2024.
The move comes as GM is ramping up electric vehicle production and vowing to shift more of its supply chain to North America. GM did not disclose the planned investment or size of the facility but said it could announce a location in early 2022. GM has said it plans to end the sale of light duty internal combustion vehicles by 2035.
