GM's Stock Eyes 3rd Day of Gains After Deal With Norwegian EV Battery Material Supplier: Retail Stays Bullish

The graphite sourcing deal will support Ultium Cells LLC, GM's battery manufacturing joint venture with LG Energy Solution, and may also extend to other GM ventures.

Shares of General Motors Co. rose more than 2% on Wednesday afternoon, on track to mark a third consecutive session of gains as investors reacted positively to the company's latest partnership to strengthen its electric vehicle supply chain. 

GM announced a multibillion-dollar agreement with Norwegian graphite manufacturer Vianode to secure high-performance anode graphite for EV batteries.

The graphite will be sourced from Vianode's Inflation Reduction Act-compliant North American facility. Production will begin in 2027, and deliveries will continue through 2033. 

This material will support Ultium Cells LLC, GM's battery manufacturing joint venture with LG Energy Solution, and may also extend to other GM ventures. 

Jeff Morrison, senior vice president of Global Purchasing and Supply Chain at General Motors, said, "This project will help advance our battery technology and drive greater value to our customers."

Investor sentiment on Stocktwits remained in the 'bullish' zone as retail traders welcomed the news, buoyed by GM's broader success in 2024. 

The company reported a 4% increase in total vehicle sales for last year, reaching 2.7 million units, its highest level since 2019. 

GM also noted a sharp rise in EV sales, with a 125% year-over-year jump in 2024, which doubled its U.S. EV market share and secured its position as the number two EV seller in the latter half of the year.

GM will release its fourth-quarter financial results on Jan. 28. Analysts expect earnings per share of $1.72 on revenue of $43.51 billion. 

Over the past year, GM's stock has climbed nearly 50%.

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