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General Motors (GM) and South Korean advanced EV battery materials company Posco Future M revealed an additional investment in its new cathode factory in Ontario, Canada, now exceeding $1 billion.

GM plans to enhance CAM supply in North America

The new funding will help increase Cathode active material (CAM) production and the precursor materials (pCAM) needed to produce it in North America.

GM announced plans for the new factory last March, with the initial investment expected to be around $400 million (C$500 million). The facility is designed to manufacture cathode active materials for GM’s Ultium batteries, the backbone of its EV strategy.

CAM is the key raw material consisting of lithium and a secondary metal (or metals) that drive a significant portion of the output and around 40% of the costs of EV batteries. The two primary EV battery cathodes today are nickel-cobalt-manganese (NCM) and lithium iron phosphate (LFP).

Doug Parks, GM’s executive VP of global product development, purchasing, and supply chain, commented on the new investment, saying:

Increasing CAM production capacity and adding pCAM to our joint venture is another significant step in building a more secure and sustainable North America-focused supply chain to support GM’s fast-growing EV production needs.

With plans for battery cell production to reach at least 135 GWh, or enough to power 1.3 million EVs annually between its three Ultium Cell plants, GM is building out its entire battery supply chain, including raw material recovery.

gm-ev-battery-materials
Source: GM

Vertically integrating the EV battery supply chain

GM revealed its joint venture with LG Energy Solutions in 2019 to produce battery cells for electric vehicles based on its Ultium platform.

Ultium Cells began production in the US at its first plant in Warren, Ohio, last August, with plans for its second in Spring Hill, Tennessee, to start operations next year. A third, in Lansing, Michigan, is expected to open in early 2025, with a total capacity between the three planning to reach at least 135 GWh.

CAM will play a critical role in ensuring GM has the raw materials to ramp production and hits its goal of building 1 million EVs by 2025. POSCO Future M president Kim Joon-Hyung says, “We are experiencing rapid growth of EV battery materials across North America,” adding:

I believe our joint venture will fortify its position in the secondary battery material industry with this proactive decision to increase CAM production and bring pCAM production to North America. POSCO Future M’s advanced technology and experience is supported by our expanding partnership with GM. We are aiming to play a key role in the eco-friendly mobility market with our products.

The Ultium CAM joint venture will help support the production of around 360,000 Chevrolet, Cadillac, GMC, Buick, and BrightDrop EVs between 2025 and 2030 in North America.

GM has several highly anticipated Ultium EV launches this year, including the following:

  • Silverado EV: Deliveries to begin later in the second quarter, with production ramping in 2H 2023
  • Blazer EV: Launching this summer
  • Equinox EV: Launching this fall

After selling over 20,000 EVs for the first time in a quarter in Q1, GM lifted guidance with plans to produce 50,000 electric models in North America in the first half of 2023 and 100,000 in the second half of the year.

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The Genesis GV60 MIV is one hardcore EV that climbs mountains [Video]

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The Genesis GV60 MIV is one hardcore EV that climbs mountains [Video]

The luxury carmaker channeled its inner superhero with this one. Genesis unveiled the new GV60 Mountain Intervention Vehicle (MIV) this week in Switzerland, an off-road EV that can climb mountains. The concept is designed for extreme rescue missions. Check it out below.

Meet the Genesis GV60 MIV rescue EV concept

Genesis showed off the new GV60 MIV this week at the World Economic Forum (WEF) in Davos, Switzerland. Crowds lined up to see it at the AMERON Davos Swiss Mountain Resort, not far from the WEF venue.

Based on its first dedicated EV, the GV60, the concept is designed to tackle extreme terrain and weather on rescue missions.

The purpose-built vehicle gains off-road elements like snow tracks and medical and emergency communication systems for rescue missions on mountains or other extreme terrain. Other upgrades include a custom heavy-duty roof rack and rear hatch rack.

Genesis added large carbon fender flares to warn those nearby and protect the vehicle from damage in extreme weather.

With a fully electric powertrain, the Genesis GV60 MIV has no tailpipe emissions, protecting the environment. It’s also nearly silent, with minimal noise pollution.

Inside, the off-road electric SUV includes custom sports seats, adding to the GV60’s already impressive interior design.

The concept follows the upgraded GV60, revealed earlier this month. Genesis updated it with redesigned front and rear bumpers, more tech, and added luxury.

Genesis GV60 MIV concept (Source: Genesis)

Like the new 2025 Hyundai IONIQ 5, based on the same E-GMP platform, the upgraded GV60 is expected to feature a bigger battery providing more range. Powered by an 84 kWh battery, the 2025MY now has up to 318 miles range, up from 303 miles in the outgoing model (77.4 kWh battery).

The 2025 Genesis GV60 starts at $52,350 in the US and has a range of up to 294 miles. Once the upgraded model arrives in 2026, the electric SUV could have a range of up to 300 miles.

2025 Genesis GV60 trim Range
(EPA-est)
Starting Price*
Standard RWD 294 miles $52,350
Standard AWD 264 miles $55,850
Advanced AWD 248 miles $60,900
Performance AWD 235 miles $69,900
2025 Genesis GV60 prices and range by trim (*excluding $1,350 destination fee)

What do you think of the GV60 MIV? Should Genesis get these onto the mountains? Or should it stick to on-road luxury cars? Let us know in the comments.

Ready to try out the electric luxury SUV for yourself? With the 2025 models arriving, Genesis is offering generous discounts on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.

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LNG pure-play Venture Global’s IPO tests appetite for energy stocks under Trump administration

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LNG pure-play Venture Global's IPO tests appetite for energy stocks under Trump administration

A ship carrying liquefied natural gas (LNG) is towed out of the Port of Rotterdam on January 13, 2025 in Rotterdam, Netherlands.

Pierre Crom | Getty Images

Natural gas exporter Venture Global will begin trading Friday in the first major initial public offering under the Trump administration, testing investor appetite for energy stocks as the White House looks to implement a sweeping agenda aimed at boosting oil and gas production.

“The Trump administration has made very clear they support growing LNG exports,” Venture CEO Mike Sabel told CNBC in an interview Friday.

Venture Global is currently the second-largest LNG exporter in the U.S. behind Cheniere. Venture priced its initial public offering of 70 million shares at $25 to raise $1.75 billion for a total valuation of $60.5 billion.

This is far below the company’s original target. Venture had originally planned to offer 50 million shares in a range of $40 to $46, which would have raised about $2.2 billion at the midpoint for a total valuation of $110 billion.

Still, Venture’s IPO is the largest by an oil and gas company in a decade and the fourth-largest since 2000. At a valuation of around $60 billion, it would be the tenth-largest publicly traded energy company.

Venture is locked in arbitration with customers, including majors such as Shell, over contracted deliveries from its Calcasieu Pass plant in Louisiana.

President Donald Trump on Monday declared a national energy emergency and issued an executive order overturning the Biden administration’s pause on new LNG export projects, removing a potential obstacle to Venture’s growth.

Trump’s policies, combined with cold winter weather and expected robust demand from artificial intelligence, is helping to drive both natural gas prices and related stocks higher. Cheniere shares, for example, have climbed more than 20% since Trump was elected. Natural gas prices rose 44% over that same time.

This is a breaking news story. Please check back for updates.

Don’t miss these energy insights from CNBC PRO:

Correction: Venture Global’s CEO is Mike Sabel. An earlier version of this story misspelled his name.

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Rivian (RIVN) has several automakers ‘knocking on our door’ for EV tech

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Rivian (RIVN) has several automakers 'knocking on our door' for EV tech

Rivian (RIVN) already has several automakers reaching out about potential supply deals for software and other EV tech. According to Rivian’s Chief Software Officer, Wassym Bensaid, its new partnership with Volkswagen has other OEMs “knocking on our door.”

Will Rivian and VW supply EV tech to other automakers?

After launching “Rivian and VW Group Technology, LLC,” their new software and EV joint venture in November, the collaboration is already showing potential.

Bensaid, who co-leads the new joint venture with VW’s Casten Helbing, said in an interview on Thursday (via Reuters) that the collaboration is in talks with at least a few other automakers over potential supply deals for software and EV architecture.

“I’d say that many other OEMs are knocking on our door,” he said. Although no names or other details were revealed, Bensaid added that “there is demand.”

The software leader explained that Rivian is prioritizing its smaller, more affordable R2 until 2027 while integrating the new tech into upcoming VW, Audi, Porsche, and Scout brand EVs.

Bensaid added that the new JV “today becomes one of the key partners” for other automakers who want to “make a leap from a technological standpoint.”

Rivian-EV-tech-deal
Production at Rivian’s Normal, IL plant (Source: Rivian)

Last week, German news outlet Spiegel reported that VW could expand the partnership with Rivian. Volkswagen CEO Oliver Blume said, “We are thinking about sharing modules and bundling purchasing volumes.”

VW is already planning to invest $5.8 billion, which, according to Rivian CEO RJ Scaringe, is a “meaningful financial opportunity.”

Rivian-EV-tech-deal
Rivian’s next-gen R2, R3, and R3X (Source: Rivian)

Rivian is already using the platform and software stack on its Gen 2 R1S electric SUV and R1T pickup, a drastic upgrade from the previous version. The architecture uses seven electronic control units (ECUs), down from 17 in the Gen 1 models.

The new models also include Rivian’s new in-house autonomy system, the Rivian Autonomy Platform, which consists of 11 cameras, five radars, and other features for added driver assist (ADAS) features.

Rivian-EV-tech-deal
Rivian Gen 1 vs Gen 2 ECUs (Source: Rivian)

At the opening of the new Rivian Space in San Francisco on Thursday, Scaringe said the company plans to roll out hands-free driving this year. It’s expected to be similar to Tesla’s Full-Self Driving (FSD). In 2026, Rivian will launch an “eyes-free” system as it advances new tech and software.

Electrek’s Take

The JV with Volkswagen could be significant for Rivian as it looks to accelerate growth in 2025. After shutting down its Normal, IL manufacturing plant last April for upgrades, Scaringe said the company is already seeing “a meaningful reduction” in material costs.

Rivian’s R2, starting at around $45,000, is expected to open an entire new market. Analysts expect the VW partnership to provide enough funding for the R2 to enter production, which is expected in the first half of 2026.

Last week, Rivian closed its loan agreement with the US Department of Energy (DOE) for up to $6.6 billion in financing for its new manufacturing plant in Georgia. The EV maker has already started hiring construction and management workers, with recruitment “expected to ramp quickly.”

Will Rivian’s EV architecture and software “become the platform of choice in the Western world” aside from Tesla? That’s what Canaccord Genuity analysts said in a note to investors.

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