Core Viewpoint - General Motors plans to source batteries from China's CATL for the production of the second-generation Chevrolet Bolt EV, aiming to fill supply chain gaps and ensure smooth production during the transition phase while complementing its long-term strategy of domestic battery manufacturing [1][3]. Group 1: Battery Sourcing and Production Plans - General Motors will procure batteries from CATL for approximately two years until the domestic low-cost battery production with LG Energy Solution begins [3]. - The new Chevrolet Bolt is set to begin production at the Fairfax assembly plant in Kansas by the end of this year, with a market launch planned for 2026, targeting a price point of around $30,000 [3][4]. - This temporary procurement strategy is intended to pave the way for GM's own production of lithium iron phosphate batteries [3]. Group 2: Market Position and Competitiveness - Currently, all 12 electric vehicle models offered by GM are equipped with batteries manufactured in the U.S., ranging from the Chevrolet Equinox EV priced at $35,000 to the Cadillac Celestiq at $340,000 (approximately 2.443 million RMB) [3]. - The new Bolt's pricing could potentially drop to just over $20,000 with a $7,500 subsidy, although this subsidy will be eliminated before the new vehicle's launch [3]. Group 3: Future Production and Competitor Actions - GM's Tennessee plant, in partnership with LG, is undergoing renovations and is expected to start producing lithium iron phosphate batteries by 2027 [4]. - Ford, a competitor of GM, is also collaborating with CATL to establish a new factory in Michigan for the production of lithium iron phosphate batteries for a developing small electric pickup truck [4].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The fundamental situation of the lithium carbonate market remains weak, but there is still uncertainty in supply - side fluctuations. It is expected that the short - term price of lithium carbonate will fluctuate. It is recommended to wait and see [1] Group 3: Summary of Related Catalogs 1. Lithium Carbonate Futures and Spot Market Data - **Prices**: On August 6, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures increased compared to the previous day, with increases of 1,560 yuan/ton, 1,580 yuan/ton, 1,780 yuan/ton, and 1,780 yuan/ton respectively. The SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price (basis) decreased by 2,030 yuan/ton [1] - **Trading Volume and Open Interest**: The trading volume of the active contract of lithium carbonate futures was 425,359 lots, a decrease of 11,848 lots compared to the previous day. The open interest was 257,770 lots, an increase of 25,708 lots [1] - **Inventory**: The inventory was 15,023 tons, an increase of 580 tons compared to the previous day. The SMM lithium carbonate inventory showed that the inventory of smelters decreased by 3,427 tons, downstream inventory increased by 3,073 tons, and other inventory decreased by 1,090 tons, with a total decrease of 1,444 tons [1] - **Spreads**: The spread between near - month and continuous - one, continuous - one and continuous - two, and continuous - two and continuous - three all changed to some extent. The battery - grade lithium hydroxide and battery - grade lithium carbonate spread increased by 200 yuan/ton, and the CIF China - South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide spread decreased by 271.79 yuan/ton [1] 2. Raw Material Prices - The average price of lithium spodumene concentrate (6%, CIF China) was 760 US dollars/ton, a decrease of 12 US dollars/ton compared to the previous day. The average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,065 yuan/ton, a decrease of 20 yuan/ton, and the average price of lithium mica (Li2O: 2.0% - 2.5%) was 1,690 yuan/ton, a decrease of 20 yuan/ton [1] 3. Other Lithium - Related Product Prices - The prices of various lithium - related products such as lithium hydroxide, ternary precursors, ternary materials, lithium iron phosphate, cobalt acid lithium, negative electrode materials, and electrolytes all showed different degrees of change. For example, the average price of battery - grade lithium hydroxide (56.5%, micro - powder type, domestic) decreased by 80 yuan/ton, and the average price of ternary precursor 523 (polycrystalline/consumer type) increased by 50 yuan/ton [1] 4. Industry News - Indonesia is promoting regulations for electric vehicle factories, encouraging a shift from lithium batteries to silver batteries. The global battery demand is expected to reach 8,800 GWh by 2040, and Indonesia aims to seize the opportunity by ensuring raw material supply, improving supply - chain efficiency, and establishing strategic partnerships [1] - On July 31, the first batch of lithium carbonate products from the 20,000 - ton/year lithium carbonate project of Qinghai Huixin under China Salt Lake were shipped. The project has been running stably, with the first - batch product purity over 99.6%, meeting the power - battery - grade standard [1] - Xifeng Lithium Industry stated that its Mali Goulaman mine's operation has not been directly affected by the political environment, and production and transportation are normal [1] - According to Chilean customs data, Chile's lithium carbonate exports in July were 20,990 tons, with 13,633 tons exported to China, a year - on - year decrease and a month - on - month increase of 39%. Considering the shipping cycle, it is expected to arrive at Chinese ports in August and September [1]