GM ditching 'Ultium' name for batteries and tech amid EV changes
DETROIT — General Motors will drop the name “Ultium” for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations.
DETROIT — General Motors will drop the name “Ultium” for its electric vehicle batteries and supporting technologies after spending years promoting the brand as it rethinks its EV and battery operations.
The Detroit automaker confirmed the switch Tuesday ahead of an investor event. Executives used the day to discuss lowering battery costs and tout efforts to diversify battery chemistries.
GM also confirmed it is on pace to produce and wholesale about 200,000 EVs for North America this year, achieving profitability on a production, or contribution-margin basis, by the end of this year.
Aside from EVs, GM touted its lowering capital costs and the company’s flexibility to produce both traditional vehicles with internal combustion engines and EVs. Its commitment to EVs comes amid slower-than-expected adoption of electric vehicles.
Shares of GM were roughly level aside from a roughly 3% increase during the beginning of the event.
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