LG Chem to build $3 billion Tennessee cathode plant for GM Ultium EV batteries
Motor Co among others, last month raised its 2022 revenue outlook to 25 trillion won from 22 trillion, citing new projects from automakers.
LG Chem's new plant will make cathodes for batteries with a nickel, cobalt, manganese and aluminum chemistry. The NCMA battery, which is about 90% nickel, allows manufacturers to reduce their reliance on expensive cobalt, and reduce their exposure to refining and processing in China. China currently has 75% of the world's cobalt refining capacity and 50% of the lithium processing capacity, according to Benchmark Mineral Intelligence.has said it will use NCMA battery cathodes from LG Chem for a range of EVs using Ultium-branded batteries.
The Inflation Reduction Act will, among other measures, require from next year that at least 40% of the monetary value of critical minerals for batteries be from the United States or an American free-trade partner in order to qualify for U.S. tax credits. That share will rise to 80% in 2027.Corp have been hit hard by the new law, which immediately ended credits for about 70% of the 72 car models that were previously eligible for EV subsidies.
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