**GM’s $900M Bet on LMR Batteries: A Cost-Cutting Strategy for EVs**
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Senior reporter Tim De Chant traveled to General Motors’ sprawling Warren Technical Center outside Detroit to learn more about the automaker’s plans to reduce the cost of its next slate of EVs. The upshot: GM is banking on LMR batteries and a new Battery Cell Development Center that is viewed as the bridge between its R&D efforts and full-scale production.
Kurt Kelty, GM’s VP of battery and sustainability, provided fresh details about the company’s $900 million initiative and how this new chemistry will preserve range while slashing costs. For instance, the Chevrolet Silverado EV could be $6,000 cheaper.
The use of LMR batteries is a significant departure from traditional lithium-ion batteries used in many current EVs. However, it also presents some challenges. As De Chant notes, ‘LRM batteries require more complex manufacturing processes and have different thermal management needs than the existing lithium-ion battery technology.’
Despite these challenges, GM believes that LMR batteries are the key to making its next slate of EVs more affordable for consumers.
The company’s commitment to reducing costs is not just about cutting prices. It also aims to make its vehicles more sustainable and environmentally friendly. As Kelty said in an interview with De Chant, ‘We believe that our LMR battery technology will help us achieve a significant reduction in greenhouse gas emissions from our manufacturing processes.’
The use of AI also makes a cameo appearance in GM’s plans for the future. While not as prominent as some other companies, GM is using AI to improve its vehicle development cycle.
In related news, SpaceX has filed an amendment to its IPO registration document that includes a sentence that could have significant implications for Tesla shareholders: ‘We may issue a significant amount of equity in connection with future transactions.’
This sentence suggests that SpaceX may use the $75 billion it is expected to raise from its IPO to make acquisitions. The most likely target, according to some analysts, is Tesla.
In other news, Carvana has been granted an option to invest in Slate Auto, the electric vehicle startup backed by Jeff Bezos. This could hint at a deeper partnership between the two companies.
Layup Parts, a startup trying to become the Amazon of composite parts, raised $42 million in a Series A funding round led by Marlinspike. Mach Industries, the three-year-old defense tech startup that now has five autonomous vehicles in development, raised a $300 million Series C at a $1.8 billion valuation.
Molfar Defence Technologies, a Polish-Ukrainian defense startup developing anti-drone radar systems, closed the first tranche of its €2 million funding round. Swedish investor Front Ventures committed €1.5 million.
Avride CEO Dmitry Polishchuk shared some impressive stats about his company’s autonomous vehicle startup on LinkedIn. The company has completed 60,000 trips for Uber riders in Dallas since launching in December.
In other news, Lectric eBikes launched its third brand in six months — an initiative the company has sunk about $10 million into. How is this seven-year-old company expanding while so many others tanked?
Uber’s annual Lost & Found Index has provided a rather interesting look at what people are losing in their cars, and it turns out that the most common item lost is a phone. But the second most common item lost is a wallet, followed by keys, and then a laptop.
**Note:** This article is based on the draft provided and the source reference.
Source: Original article