Core Viewpoint - General Motors (GM) and LG Energy Solution's joint venture, Ultium Cells, announced an upgrade to the Spring Hill, Tennessee plant to produce low-cost lithium iron phosphate (LFP) batteries, which are expected to significantly reduce costs compared to existing electric vehicle (EV) battery packs [1][2]. Group 1 - The upgrade at the Spring Hill plant aims to expand the production scale of low-cost LFP battery technology in the U.S., complementing GM's high-nickel batteries and future lithium-manganese solutions [1]. - GM's product line currently includes 12 electric vehicle models, with prices ranging from approximately $35,000 to over $300,000 [2]. - In 2021, GM and LG announced a $2.3 billion investment to build the battery plant, with the recent upgrade being a continuation of this partnership, although no additional investment amount has been disclosed [2]. Group 2 - Ultium expects to achieve commercial production of LFP batteries by the end of 2027 [2]. - GM is also developing a new battery technology for its large electric SUVs and trucks, with different battery chemistries affecting key metrics such as range, safety, efficiency, and charging capabilities [2]. - GM's CEO, Mary Barra, stated in 2021 that the company plans to fully transition to electric vehicles by 2035, with an initial investment of $35 billion planned between 2020 and 2025, although adjustments have been made based on slower-than-expected market demand [2].
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