GM’s efforts are in line with the race for finding a proprietary technology to cut electric vehicle battery costs.
GM aims to reduce battery cell cost to well under $100 per kilowatt-hour by 2025, compared with over $150/kW currently. The company expects its future EV batteries to last for a million miles or more, with driving ranges of 500-600 miles (805 to 965 km) between charges.
As per news reports, GM in collaboration with Korea’s LG Engergy solution is producing Ultium battery cells, which will be used in new GM electric vehicles such as the Hummer EV and Cadillac Lyriq, using graphite-based anodes, nickel-cobalt-manganese-aluminum (NCMA) cathodes and liquid electrolyte.
GM also has a production target of 1 million electric vehicles a year by 2025.
GM states that it is open to collaborate with different partners and technologies to find solutions to reduce battery costs and improve energy density to extend electric vehicle range. The company is eager to reduce dependency on the costly metals and feels that their demand in EV production over the years is going to be massive.
Analysts predict that the EV industry is set for a $5 trillion market opportunity over the next decade accelerated by the pent-up demand globally around electric vehicle technology.