LG Chem signs huge battery deal with GM

LG Chem has agreed to supply General Motors with $18.8 billion worth of cathode materials for batteries over a decade. The deal includes 500,000 metric tons of nickel, cobalt, manganese, and aluminum (NCMA) cathode materials, enough for about 5 million electric cars. The NCMA powders will be made at a facility LG is building in Tennessee by 2026. LG says it will source raw materials from the US and its trading partners so that the cathode material will meet criteria for tax credits under the Inflation Reduction Act.