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GM will pursue cheaper EV batteries.
The automaker announced today that it will upgrade its Spring Hill, TN factory for the production of low-cost lithium-ion phosphate batteries. The factory is run by Ultium Cells, a joint venture between General Motors and LG Energy Solution, building on a $2.3 billion investment from 2021. Tesla and Ford are also producing electric vehicles with LFP batteries, which tend to be cheaper and longer lasting but aren’t as energy dense as NCM (nickel cobalt manganese) batteries. Ultium Cells also supplies batteries to Hyundai, Kia, Toyota, and Rivian.
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