Published on 1 Jun 2022 on Zacks via Yahoo Finance
EV Roundup: STLA's $2.5B Battery Plant, GM-POSCO JV and More
The electric vehicle (EV) revolution is speeding up, with companies leaving no stone unturned to establish a strong foothold in this domain. Legacy automakers are stepping up e-mobility investment and setting ambitious targets to electrify their fleet. With batteries serving as the secret sauce for EVs, automakers are fast boosting their investments in battery production. Last week, auto biggie Stellantis STLA collaborated with Samsung SDI for a $2.5 billion battery plant in Indiana. Another legacy automaker General Motors GM joined forces with POSCO Chemical to establish a factory for the production of high-nickel cathode active materials required in EVs.
China’s EV company NIO, Inc. NIO announced plans to build lithium-ion battery labs and a cell pilot production line in Shanghai. Meanwhile, GreenPower Motor Company Inc. GP intends to bring its EVs to India and teamed up with Jupiter Wagon to execute its plan. Hyliion Holdings HYLN also made it to the top stories as it secured an order of 10 Hypertruck ERX units from Holcim US.
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