20:12
Traffic jam:   6
$
92.5919
100.2704

GM aims to cut the price of batteries for electric cars by 50%

9 April 2021
4264
2 min.
6
GM aims to cut the price of batteries for electric cars by 50%

Reducing the price of batteries

In its drive towards full electric vehicle production by 2035, General Motors plans to reduce the cost of its most expensive component, the battery. GM is enlisting the support of partners and aims to create a long-lasting battery with a range of 805 km to 965 km.

General Motors (GM) is working on the next generation of its Ultium battery for electric vehicles, testing new chemistries and metals to reduce its cost. General Motors president Mark Reuss said this on Wednesday, speaking at an investor conference.

A 211% rise in GM shares over the past 12 months and a recent price high of $61.94 suggests that investors are welcoming the transformation of the largest US carmaker.

Earlier this month, GM released encouraging delivery results for 1Q 2021 the all-electric Chevrolet Bolt EV posted its best ever performance, with retail sales up 60%.

At the same time, GM's massive $27 billion investment over the next five years should lead not just to 1 million General Motors electric vehicles, but make them highly competitive with Tesla, Ford and others.

To achieve that goal, GM needs to produce new batteries that are durable, affordable and more powerful increasing the range of electric cars.

GM executives have said they aim to reduce the cost of battery cells to below $100 per kilowatt hour by 2025. According to the company's plans, future batteries for General Motors' electric vehicles will last at least 1.6 million kilometres and have a range of 805km to 965km between charges.

GM is focusing its efforts on finding and testing different battery chemistries, as well as reducing its reliance on expensive metals such as cobalt.

GM is preparing to deliver its first electric Hummer EV Edition 1 pickups this fall, with deliveries of cheaper versions of this vehicle and the Hummer EV 2024 SUV starting later. The Chevrolet Silverado electric pickup, unveiled this week, is expected to begin production late next year.

GM and LG are expected to announce a second electric vehicle battery plant in Tennessee in the near future to further support GM's goal of producing 1 million electric vehicles per year by 2025.

Persons1 and Companies5 in the news

President of General Motors
1 place
CHEVROLET
1 place
LG Chem
2 place
Tesla
5 place
Section:

Discussion

Rating companies
Tesla
14 Mention
Instagram
13 Mention
JP Morgan Chase
12 Mention
Walt Disney Company
12 Mention
Ford Motor Company
10 Mention
Netflix
10 Mention
Amazon
9 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8112691258
Died this year
14293596
Born this year
35164776