General Motors (GM) has partnered with the Massachusetts Institute of Technology (MIT) to develop a car battery that is 60% cheaper than the current generation.
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Through a partnership with Singapore’s SolidEnergy Systems founded by MIT graduate Qichao Hu, they aim to develop new batteries with a new chemical composition, which will allow them to create smaller, more powerful batteries. These batteries will make electric vehicles cheaper to produce.
SolidEnergy Systems and General Motors plan to build a pilot factory in Woburn, Massachusetts, to scale up production in 2023 progressively.
Last week, General Motors announced building a second battery plant in the United States with South Korean joint-venture partner LG Chem Ltd.
The company will explore the possibility of establishing a second battery production plant in the U.S. in collaboration with LG’s battery unit LG Energy Solutions through a joint venture called Ultium Cells LLC.
LG Chem and General Motors are in advanced talks with Tennessee officials about constructing a plant near GM’s Spring Hill assembly plant.
According to Kent Helfrich, executive director of GM’s global power and battery division, “the Ultium platform was designed and built to meet that goal. That is why it is extremely flexible.”
Both parties did not disclose the financial details of the deal. In 2015, General Motors first invested a good sum in SolidEnergy Systems.
Today’s electric vehicle battery is made with lithium ions instead of lithium metal electrodes. As a result, the battery offers a greater range and achieves a higher energy density.
During the last 12 months, GM stock price increase by 116.65%. Over the last five trades, the stock price was up 8.68% and up 0.48% over the last 30. General Motors’ (GM) share price has increased 76.31% in the past six months and 28.61% during the last three months.