- Doug Parks, GM’s executive vice president of global product development said that the company is partnering with some great companies, including Honda Motor and LG Chem, on electric vehicles and batteries
- There is an opportunity for more and the company could extend that relationship to other segments,including sharing combustion-engine vehicles and platforms with Honda
As per a report by Reuters, General Motors Co, as part of a $27 billion initiative to match or surpass Tesla Inc in the electric vehicle sector, is working with “all the best startups” on next-generation EV battery technology while planning a big boost in production capacity for its new Ultium battery system as per an executive.
The report added that Doug Parks, GM’s executive vice president of global product development said that the company is partnering with some great companies, including Honda Motor and LG Chem, on electric vehicles and batteries. It is looking outside the company to startups to get on the front edge of that learning curve.
Additional production capacity for the Ultium battery
The report added that Parks, speaking at an investor conference, said GM continues to build its relationship with Honda, with whom the U.S. automaker is jointly developing several future electric vehicles. He added that there is an opportunity for more and the company could extend that relationship to other segments,including sharing combustion-engine vehicles and platforms with Honda. GM Chief Executive Mary Barra said nearly a year ago that the automaker had increased its spending budget on electric and automated vehicles from $20 billion to $27 billion through 2025.
As per the report, Parks said much of that $7 billion increase is tied to spending on additional production capacity for the Ultium battery. It is slated to go into production in Ohio next year in a $2.3 billion joint venture with LG Chem.
Parks said that with all the electric vehicles that GM has planned for North America – some 20 models by 2025, the company is going to need more capacity. There is more investment coming after the initial wave in Ohio.
