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General Motors took another step toward vertically integrating its supply chain for electric vehicles, disclosing a plan to work with POSCO Chemical to build a North American factory to manufacture materials for battery cathodes.
It’s a big step for GM, the car business, and even for the U.S. Shares of GM (ticker: GM) gained on the news, rising about 3.7% to a hair under $60 by midday on Wednesday. Shares closed up 0.4% at $58.06.