General Motors Co. and POSCO Future M announced the second phase of their Ultium CAM joint venture, an investment projected to exceed $1 billion (U.S.) to increase production capacity of CAM in North America and integrate precursor materials production. pCAM is a specifically engineered combination of processed raw materials necessary to produce CAM, a key battery material representing about 40% of the cost of a battery cell.

Currently, CAM and pCAM processing is highly concentrated in Asia. GM is executing plans to install 1 million units of annual EV capacity in North America in 2025, supported by four U.S. battery cell joint venture plants with 160GWh of capacity and grow from there in subsequent years. The Ultium CAM joint venture will support production of approximately 360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles annually in the 2025-2030 timeframe in North America.

The companies established the Ultium CAM joint venture, which is majority owned by POSCO Future M, in July 2022. Site selection will be announced later.