GM Expands Role in Increasingly Competitive EV Market

October 14, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--North America has emerged as the fastest-growing market for electric vehicles (EVs), and some of its largest auto manufacturers are teaming with tech-focused companies based overseas--particularly those from South Korea--to remain competitive in a rapidly changing market. Industrial Info is tracking more than $46.5 billion worth of EV battery projects in the U.S. and Canada.

General Motors Company (NYSE:GM) (GM) (Detroit, Michigan) upped the ante this week when it announced GM Energy, a subsidiary that will focus on "energy management services, and drive growth beyond the core vehicle portfolio." Much of the new business will cater to EV customers through battery-charging and storage products.

Two such projects under construction are spearheaded by Ultium Cells LLC, a joint venture between GM and LG Energy Solution Limited, a subsidiary of LG Chem Limited (Seoul, South Korea). Other companies with active projects include Honda Motor Company (NYSE:HMC), LS Power Group, NEC Corporation and SK Innovation Company Limited.