GM is engaged in discussions with Japan’s TDK to set up a new factory in the US using technology licensed from China’s CATl.
General Motors (GM), a global automobile firm based in Detroit, USA, has hinted that it will unveil its electric pickup truck with a 350-mile range. Additionally, the company is working closely to secure the supply of lithium iron phosphate batteries in North America, which are often used in EVs. These batteries ultimately reduce costs, making the truck an affordable option.
According to GM’s vice president of battery strategy, Kurt Kelty, meticulous engineering will back a wide range of electric truck portfolios. Using LFP batteries, the trucks can be equipped with more than 350 range. Strategies are being implemented to localize the source and supply of LFPs. To further reduce the price of the LFP batteries, GM is engaged in discussions with Japan’s TDK to set up a new factory in the US with technology licensed from China’s Contemporary Amperex Technology Co., Limited (CATL).
Ever since the former Tesla executive arrived at GM, he has been working closely with management to reduce the cost of the company’s EV vehicles by deploying a new range of battery packs and chemistries depending on each model’s requirements. According to GM’s CFO, Paul Jacobson, the majority of GM electric vehicles are sold with their current batteries, which is why costs are reducing and the program is losing less money.
A month ago, it was even reported that the company’s premium GMC portfolio aims to spearhead the electric truck market in the US with the launch of its new electric Sierra pickup, which has joined the electric versions of the Hummer. The company believes that the Sierra pick will turn out to be the top-most-sold EV as more low-priced variants will soon be available in the market.
Tesla, General Motors, Rivian Automotive, and Ford Motor have set a new benchmark in the US by selling powerful pickup trucks, which appear for $100,000 or even more. Considering their cutthroat competition, Jacobson added that the company’s earnings before interest and taxes will witness a benefit of $2 billion to $4 billion in the coming year.
