Shares of General Motors Co. /zigman2/quotes/205226835/composite GM -2.99% jumped 4.4% in morning trading Wednesday, after the auto maker said it will create "hundreds of jobs" as it plans to build a factory in North American with South Korea-based POSCO Chemical Co. Ltd. /zigman2/quotes/206428686/delayed KR:003670 +2.20% to process battery materials for GM's Ultium electric vehicle platform. GM said it was forming a joint venture with POSCO Chemical to build the factory, which is expected to open in 2024 at a location to be announced later, and to process Cathode Active Material (CAM), which is a battery material that represents about 40% of the cost of an EV battery cell. "Our work with POSCO Chemical is a key part of our strategy to rapidly scale U.S. EV production and drive innovation in battery performance, quality and cost," said Doug Parks, GM executive vice president of global product development, purchasing and supply chain. The new facility will supply Ultium cells facilities being built in Lordstown, Ohio and Spring Hill, Tenn., as part of GM's plan to invest $35 billion in electric and autonomous vehicles to 2025. GM's stock has soared 23.0% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.65% has gained 2.5%.
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