GM ditching 'Ultium' name for batteries, tech amid EV changes
Publishing timestamp: 2024-10-08 16:54:35
Summary
GM will drop the name "Ultium" for its electric vehicle batteries and technologies after years of promotion. The company is rethinking its EV and battery operations, focusing on lowering battery costs and diversifying battery chemistries. GM is on pace to produce and wholesale about 200,000 EVs for North America this year and achieve profitability by the end of the year. The change to Ultium comes after GM spent billions developing in-house batteries and technologies. The company is rethinking its EV battery strategy amid slower-than-expected adoption of electric vehicles. GM is moving towards a multi-chemistry, multi-supplier strategy for batteries. The company is also rethinking plans for a second all-electric vehicle plant in Michigan.
Sentiment: NEUTRAL
Keywords: general motors co, autos, business, breaking news: business, mary barra, breaking news: technology, lobo ev technologies ltd, transportation, electric vehicles, technology, tesla inc, electric vehicle manufacturing, business news,
Source: https://www.cnbc.com/2024/10/08/gm-ditching-ultium-name-for-batteries-tech-amid-ev-changes.html