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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    OPay obtains approval of Egypt’s CBE to issue prepaid cards

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Digital voice-based banking to become the new reality in 2022?

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    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

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    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

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    An Ode to the 5 Arab Women Reigning the Business World

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

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    Vodafone shares up after USD 4.4 billion UAE stake buy

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    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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    Brazil mills cancel new sugar export contracts, shift output to ethanol

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    World’s No.2 producer of wheat, India, bans wheat exports in new move

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GM to build EV battery materials plant worth USD 393 million in Quebec

Investment by GM to enhance EV supply chain in North America

Sunil Bolar by Sunil Bolar
March 8, 2022
in Energy, The Global Economics, Top Stories, Transportation
Reading Time: 2 mins read
0
GM to build EV battery materials plant worth USD 393 million in Quebec

GM to build EV battery materials plant worth USD 393 million in Quebec

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In a recent statement, General Motors (GM) has said that it intends to build a CAM (Cathode Active Material) plant worth USD 393 million in Quebec, thereby adding Canada to an ever-expanding list of North American EV vehicle suppliers. It mentioned that this move intends to reduce reliance on battery materials currently sourced from Asia.

GM’s joint venture partner for the project, Posco Chemical from South Korea, has said that the plant will process material for the Ultium battery range from GM starting from the 7th of March.

GM’s Executive Vice president of global product development Doug Parks stated that General Motors along with its supply chain partners are committed to developing a secure and sustainable ecosystem for Electric Vehicles, which will be built on a foundation of North American manufacturing expertise, resources and technology.

Canada to play vital role in CAM plant by GM

The project has received strong support from local governments. Parks mentioned that Canada will play a vital role in its ambitious project.

According to GM, the ingredients that comprise CAM (Cathode Active Material) make up for approximately forty percent of the cost of a battery cell. The company also said that producing CAM was one of the vital steps in making lithium, cadmium and other materials for use in EV batteries.

A subsidiary of South Korean steel maker Posco, Posco Chemical will be the majority owner in the joint venture. GM had announced plans to finalize the JV with Posco Chemicals way back in December 2021. Planning for the project of the JV has apparently been underway for months.

After a 20-year absence, General Motors will return to Quebec to set up the CAM plant. Previously, the company’s factory that built the Chevrolet Camaro and Pontiac Firebird, closed in 2002.

President of General Motors, Canada, Scott Bell said that he was excited to see Canada playing a key role in the company’s battery ecosystem. He also mentioned that with the new plant in Quebec, General Motors will lead the battery supply chain, at the same time launching the first full Electric Vehicle manufacturing facility later this year.

As the transition to Electric Vehicles speeds up, governments from Quebec, Ontario and Ottawa have actively been wooing battery mineral mining and battery processing investments.

In a statement, General Motors said that Quebec was chosen because of low-cost, hydro-powered electricity and logistical links such as a deep-water port. A key role was also played by Canada’s battery mineral capacity, according to GM Canada’s VP for corporate and environmental affairs, David Patterson.

Although he did not divulge the dimensions or production capacity of the plant, Paterson stated that the entire production capacity would be utilized to supple the four Ultium battery cell plants owned by General Motors, all of which are in the United States. The cells are projected to power GM’s next-gen Electric Vehicles like the GM-Hummer EV, the Cadillac EV and the Chevrolet Silverado EV.

Construction of the new plant is scheduled to start immediately, and the CAM plant is scheduled to begin production in the first quarter of 2025.

Via: short URL
Tags: electric vehicleEV batteryGeneral Motors
Sunil Bolar

Sunil Bolar

Sunil is a creative person who combines his love for writing with tech and business.

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Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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In 2022, Abu Dhabi real estate records a new boom with an influx of international investors

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Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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