General Motors (GM) is making a significant investment in Silicon Valley-based battery materials company, Mitra Chem, in an effort to accelerate the development of affordable electric vehicle (EV) batteries. With an investment of $60 million, GM aims to support Mitra Chem in building its operations and bringing innovative battery materials to the market faster.
Mitra Chem is an AI-enabled battery materials innovation company that will work closely with GM to develop advanced iron-based cathode active materials compatible with GM’s Ultium EV propulsion system. This partnership will reinforce GM’s commitment to EV batteries and help accelerate the development of affordable battery chemistries.
GM’s vice president of technology acceleration and commercialization, Gil Golan, highlighted the significance of this investment. He emphasized that it will not only strengthen GM’s efforts in EV batteries but also contribute to the development of a U.S.-focused battery supply chain. Golan believes that by investing in Mitra Chem, GM will be able to develop cost-effective and efficient battery technologies, making electric vehicles more accessible to consumers.
The investment comes at a crucial time for GM as they face challenges in ramping up production of their EV models, including the GMC Hummer EV pickup and SUV, as well as the Cadillac Lyriq. These models rely on GM’s Ultium propulsion system, and the affordable battery chemistries developed with Mitra Chem will be instrumental in meeting the increasing demand for EVs in the market.
The Cadillac Lyriq, with a starting price of $61,795, is significantly more affordable than the 2023 Hummer, which starts at $98,400. However, GM’s current most affordable EV models are the Chevrolet Bolt and Bolt EUV, priced between $26,000 and $27,000. Recently, the Chevrolet Blazer EV, starting at $60,215, has also begun shipping, expanding GM’s portfolio of electric vehicles.
With the investment in Mitra Chem, GM is taking a crucial step towards enhancing its battery technology capabilities and securing a strong position in the growing EV market. The collaboration will not only benefit GM but also consumers who are eager to embrace greener transportation options. As the demand for EVs continues to rise, this investment will play a vital role in the development of more affordable and efficient electric vehicles.
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