POSCO FUTURE M

Posco Future M said Tuesday it plans to invest 489.4 billion won ($342 million) into Ultium Chem, its cathode materials joint venture with General Motors in Quebec, Canada, despite a slowdown in electric vehicle demand exacerbated by ongoing trade disruptions in North America.

This funding will go through Posco Future Materials, its wholly-owned subsidiary in Canada, to construct a high-nickel cathode material plant with an annual capacity of 30,000 tons -- enough to power approximately 300,000 electric vehicles. The company expects the facility to be completed by May this year.

“This investment will be directed towards the overall plant construction, facility enhancements and its phased expansion,” said an official from Posco Future M. “In addition, it will be used for (building) infrastructure equipment (within the plant,) which will be jointly utilized (with GM) as the project progresses.”