General Motors is reducing the cost of producing electric vehicle batteries to below $100/kWh.
The automaker, which entered a joint venture with LG Chem to manufacture EV batteries, said the batteries in its upcoming EV models will use a proprietary low-cobalt chemistry technology that reduces their manufacturing costs—and, by extension, the overall cost of EVs.
GM is boosting production of its EVs and also launching the Ultium battery, which will be used in the cars, that includes a motor designed in-house. Ultium is also a propulsion system, and the expectation is that it will minimize the complexity and part counts involved in manufacturing EVs.
Citing third-party forecasts for EVs, GM indicated US EV volumes would more than double between 2025 and 2030 to around 3mn units. The automaker intends to meet the elevated demand through its new production technology and facilities, and has set a sales target of 1mn global units per annum leading up to 2025.