Investor Alert

May 17, 2022, 9:57 a.m. EDT

GM Reveals EV

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    General Motors Co. (GM)
  • X
    Tesla Inc. (TSLA)

or Cancel Already have a watchlist? Log In

May 17, 2022 (Baystreet.ca via COMTEX) -- General Motors /zigman2/quotes/205226835/composite GM -5.05% hopes to become a leader in electric vehicles on its home turf and beyond.

The Detroit company has made massive investments in EV technology in a bet that its new Ultium platform -- consisting of batteries, motors, software and other components -- will help it to outpace competition from legacy automakers and countless start-ups and eventually replace Tesla /zigman2/quotes/203558040/composite TSLA -1.76% as the number-one EV maker.

The automaker unveiled its Ultium EV platform in March 2020 and as is delivering the first vehicles built around it this year.

At the heart of the Ultium platform are GM's batteries. They were developed in partnership with LG Energy Solutions, a division of the Korean conglomerate LG Corp.

The batteries use a highly unusual chemistry that reduces expensive and tough-to-source cobalt by 70%. That move, the company says, will help push battery pack costs below $100 per kilowatt-hour -- commonly considered to be a critical threshold for EVs to be competitive with internal combustion engines.

GM's system for managing its battery pack is also different from competitors. The Ultium platform allows GM to run battery cells with different chemistries in the same pack, so parts of the pack can be replaced as time goes on.

It's innovations like these that GM says will make it a leader in EVs in North America by 2025. Tesla dominated the U.S. market in 2021.

GM shares hiked $1.19, or 3.2%, to $38.29 in the first hour on Tuesday.


Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

$ 31.76
-1.69 -5.05%
Volume: 20.13M
June 30, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$48.78 billion
Rev. per Employee
US : U.S.: Nasdaq
$ 673.42
-12.05 -1.76%
Volume: 31.45M
June 30, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$710.15 billion
Rev. per Employee

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.