General Motors (GM) will make another significant investment to boost its innovative automotive business. Particularly, SolidEnergy Systems (SES), a lithium battery manufacturer, will cooperate with the company. The collaboration will see the companies develop an advanced battery with an increased range as part of the partnership.
GM and SES claim they will start building a manufacturing line in Massachusetts, which they envision will produce a high-capacity pre-production battery by 2023. SES has covered approximately 250,000 test simulation kilometers of lithium batteries.
The automaker notes that thanks to the unique chemistry of the next-generation Ultium, General Motors is on the cusp of unique improvements in energy density and cost. General Motors believes its Ultium battery platform could provide a range of up to 700 km on a single charge and has high hopes for the new platform. There are currently over four dozen General Motors patents relating to lithium-ion batteries. Patent applications from the company have also been filed but have not been approved.
General Motors has allocated over 27 billion dollars to electric vehicle advancement and autonomous vehicles by the end of 2025, with 30 electric vehicles on their way. General Motors may one day be a leader in the alternative-fuel vehicle sector if it invests in new technologies. Currently, the firm works in several innovative car fields at once. Navistar International Corporation announced in April this year that General Motors will supply hydrogen propulsion systems to its trucks.
General Motors Company (NYSE: GM) is now trading at around $59.26, a price level that indicates a 313.68% increase in value from its 52-week low. Intraday trading for GM shares has reached as high as $59.62 and as low as $55.70. In the last 52 weeks, shares of the GM stock reached a high of $57.17 and a low of $14.32, while recent trading sessions have witnessed an intraday change of just 5.20%.