Posco Future M, GM Joint Venture Delays Completion of Canada Cathode Material Plant

POSCO Future M has postponed the completion schedule of the cathode material joint venture plant being constructed in Canada in collaboration with General Motors (GM).

On the 26th, POSCO Future M stated, "We are adjusting the completion schedule due to local conditions," and added, "We will issue a corrected announcement as soon as the (completion schedule) is confirmed." The plant was originally scheduled to be completed on the 30th of this month.

Previously, POSCO Future M announced that it would establish a high-nickel cathode material joint venture plant with an annual production capacity of 30,000 tons in Becancour, Canada, as the first phase of setting up the North American cathode material joint venture 'Ultium CAM.' This capacity is enough to supply approximately 220,000 electric vehicles.

Industry insiders analyze that the completion schedule of this plant construction has been delayed due to the clear emergence of the electric vehicle 'chasm' phenomenon (a temporary slowdown in demand during mass adoption).

The construction site of the 30,000-ton-per-year Ultium CAM cathode material plant being built in Becancour, Canada, through a joint venture between POSCO Future M and GM
Photo by POSCO Future M