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A battery electric vehicle (BEV) or hybrid electric vehicle’s electric motors are powered by a rechargeable battery known as an electric vehicle battery (EVB, often referred to as a traction battery) (HEV).
They are made especially for high electric charge (or energy) capacity lithium-ion batteries. Electric vehicles wouldn’t exist without batteries.
Additionally, EV batteries could not be mass-produced without essential supply chain elements such as mining, cathode and anode production, battery manufacture, and used battery recycling.
All areas of the supply chain provide opportunities for Canada, which has direct access to the expanding markets in the US and Europe and commitments from international OEMs to manufacture EVs.
The Canada EV Battery Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
POSCO Chemical joins the North American EV battery market through GM’s joint venture in Canada. POSCO Chemical and General Motors (GM) will construct a cathode material joint venture in Quebec, Canada, and use it as a facility to develop a supply chain for essential battery materials. As GM grows its electric car business, the site’s development will provide prospects for expansion in the future.
Based on the competitiveness of the anticipated new plant in Becancour, Quebec, POSCO Chemical intends to establish an important battery material supply chain in North America, where the market for electric vehicles is expanding quickly, and to increase market penetration.
The largest-ever investment in Canada’s automotive industry will be made by US-European automaker Stellantis and LG Energy Solution to build a massive new plant in Windsor, Ontario, which will produce batteries for a “significant portion” of Stellantis’ electric vehicle production in North America.
The decision was motivated by the region’s rising need for cordless power tools and rechargeable batteries for automobiles.
North American vehicle production needs, including the planned new electric vehicles from the Jeep brand, will be satisfied by the joint venture company’s lithium-ion battery cells and modules.
