General Motors is developing a new battery technology known as the “Ultium” that they are touting to be a Tesla batter technology killer.
With 400 mile range as a start, and a target cost below $100/kwh, beating the general price consensus of about $140/kwh. Is General Motors up to something here?. With its new Ultium battery technology, GM is on track to cut the battery cell costs – the single greatest expense in electric vehicles – to less than $100 per kilowatt-hour, Barra said.
Based on this price projection, GM could be able to build and electric car that will be almost 50% cheaper that what is presently available int he market.
The question now is, when will this big GM dream come true?.
General Motors Chief Executive Mary Barra said yesterday the Detroit automaker will invest $20 billion (15.57 billion pounds) by 2025 in electric and automated vehicles as it races to catch up with Elon Musk’s Tesla Inc as vehicles go electric. Reuters reports.
“We’ll grow” as the company offers more electric vehicles (EVs), Barra said at GM’s design center in Warren, Michigan.
Barra reiterated a goal of selling 1 million electric vehicles annually in the United States and China by 2025.
The first of the new generation electric vehicles, the GMC Hummer pickup, will be launched in late 2021, followed by the Cadillac Lyriq crossover utility vehicle in 2022. GM has promised 20 new electric vehicle models globally by 2023.
CONCLUSION: GM will start the EV revolution in 2021 according to them, with the GMC Hummer pickup, Tesla on the other hand will start Tesla Cybertruck production around the same time. Tesla Cybertruck already has over 500,000 pre-order, and may hit 1000,000 pre-order before then.
Next month is Tesla Battery Day, April 2020. GM better pray we don’t see anything jaw-dropping, which may force them to throw all their hopes in a dust bin and start a new plan towards 2030.