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General Motors is making a significant change in its electric vehicle strategy by dropping the name “Ultium” for its EV batteries and technologies. The company has decided to rebrand its electric vehicle architecture, battery, and cells in North America, moving away from the Ultium name. This shift comes after years of promoting Ultium as revolutionary technology for profitable EV production.
GM’s EV sales have been growing steadily, but the company has not seen the adoption rates it had hoped for. Despite reporting a 60% year-over-year increase in EVs sold during the third quarter, they only accounted for 4.9% of total sales. CEO Mary Barra remains optimistic about achieving profitability on EV production by the end of the year.
The automaker is also evolving its battery strategy by transitioning from single-source pouch cells to a multi-chemistry, multi-supplier approach. GM recently announced a deal with Samsung SDI to manufacture hard-can batteries, signaling a shift towards optimizing battery technology for each vehicle.
Additionally, GM is reevaluating its plans for a second all-electric vehicle plant in Orion Township, Michigan, as it seeks to align production with current market demands. The company is constantly learning from its experiences and adjusting its strategies to better meet customer needs. GM’s commitment to EVs remains strong, even as it navigates changes in the industry landscape.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
