GM Secures Multi-Year EV Material Supply Deal
April 15, 2022—General Motors on Tuesday announced it has entered a multi-year contract with Swiss-based raw materials manufacturer Glencore.
The agreement will provide GM with cobalt, an important material for the development of EV batteries, according to a report from The Detroit Free Press. Cobalt is vital in providing EV batteries "energy, density and longevity."
“GM and our suppliers are building an EV ecosystem that is focused on sourcing critical raw materials in a secure sustainable manner,” GM executive Jeff Morrison said. “Importantly, given the critical role of EVs in reducing the carbon footprint of the transportation sector, this agreement is aligned with our approach to responsible sourcing and supply chain management.”
The move is the latest GM has made in order to deliver on its plan to launch 30 new EV models by 2025 and to become completely carbon neutral by 2040. The automaker last month announced it would build a new EV battery manufacturing facility in Quebec with POSCO Chemical.