WASHINGTON (dpa-AFX) - General Motors Co. (GM) said it has reached a multi-year agreement to buy cobalt from Glencore's Murrin Murrin operation in Australia. Cobalt is an important metal in the production of EV batteries.
Cobalt is a metal that makes up only 0.001% of the earth's crust. It is known for its heat-resistant properties and is added to lithium-ion battery cathodes to improve energy density and battery longevity.
The companies said that the cobalt processed from Australia will be used in GM's Ultium battery cathodes, which will power electric vehicles such as the Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ.
GM plans to have capacity to build 1 million electric vehicles in North America, by the end of 2025.
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