GM in talks to buy EV batteries built with Chinese tech in US, source says
General Motors (GM.N), opens new tab is in talks to buy electric vehicle batteries that would use technology from China’s CATL (300750.SZ), opens new tab and be assembled at a new plant in the United States, a person briefed on the matter confirmed on Thursday.
Crosstown rival Ford Motor (F.N), opens new tab already plans to license CATL technology to produce low-cost lithium-iron batteries at a battery plant it is building in Michigan under a plan announced in February 2023.
But U.S. lawmakers including Intelligence Committee vice-chair Marco Rubio have raised concerns about Ford’s plan.
In GM’s case, the proposed plant would be funded and operated by Japanese consumer electronic firm TDK Corp (6762.T), opens new tab, Bloomberg News reported, and is expected to be located in the south of the United States and to create more than 1,000 jobs.
Talks are still ongoing and many details are still unclear, the source told Reuters, with no final deal expected immediately. A deal could help GM produce lower-cost batteries and by assembling them in the United States, avoid new U.S. tariffs.
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GM in talks to buy EV batteries built with Chinese tech in US, source says, source
