General Motors officially announced two new long-term battery-related agreements with Livent and LG Chem.
The new deal with LG Chem will see the Korean company supply 968,000 tons of cathode material to GM.
The deal will see its first delivery later this year and is a multi-year contract that will run through 2030.
This cathode material deal will provide enough material for GM to produce 5 million EVs between now and 2030.
The second deal with Livent will supply GM with lithium hydroxide.
The deal will see Livent start shipments in 2025 and run at least six years.
However, the supply agreement between the two companies does not specify an amount.
Lithium hydroxide is used in GM’s Ultium battery cathodes.
The Ultium battery will power the Chevrolet Blazer, Chevrolet Silverado, GMC Hummer and Cadillac LYRIQ, among other vehicles.
During the announcement, GM confirmed that the company now has suppliers for all battery-related materials.
This includes lithium, nickel, cobalt and cathode active material among other raw materials needed in EV production.
With all the raw materials in place, GM is confident that the company will meet its goals of 1 million EVs produced annually in North America by the end of 2025.