US-Korea Electric Vehicle Battery Production Project Investing $1 Billion

U.S. General Motors and Korean Bosco Future M launched a joint venture to increase production of “Active Material for Cathode”, with a major investment exceeding $1 billion.

The American automotive giant and the South Korean Energy Materials Company reported that they had launched the second phase of the joint venture “Alteum Cam”, according to German.

The two companies aim to increase the production of “cam”, a three-letter abbreviation (active material for cathode), used in the production of electric vehicle batteries, in North America and to integrate the production of chemicals known as “Bcam”.

In 2022, the parties formed the joint venture “Altium Cam”, in which Bosco Future M has a majority. The project’s site has not yet been announced.

The market for electric vehicle batteries is growing rapidly, with many countries becoming environmentally friendly vehicles in their efforts to achieve carbon neutrality.

The global EV battery market is expected to grow to $616 billion in 2035, amid plans by many companies to stop selling internal combustion fuel vehicles.

A recent report by a market tracker revealed that China’s production of electric vehicle batteries is likely to shrink sharply in the coming years, amid renewed electric vehicle policies in the United States and Europe.

The SNE Research report predicts that the electric vehicle battery market will increase fivefold by 2035, compared with an estimated $121 billion in 2023.