GM Licensing Its New Battery Tech Could Put Tesla Out of Business

GM has unveiled its new battery system, Ultium. By licensing it to other automakers, GM’s latest innovation could knock Tesla from contention as the world’s leading electric vehicle manufacturer. | Image: Steve Fecht/General Motors via AP
GM new battery
GM has unveiled its new battery system, Ultium. By licensing it to other automakers, GM’s latest innovation could knock Tesla from contention as the world’s leading electric vehicle manufacturer. | Image: Steve Fecht/General Motors via AP

•GM’s new battery technology is hoping to end range anxiety.
•This is arguably one of the most competitive threats to Tesla.
•Elon Musk’s biggest problem would be the battery tech being adopted on a mass scale by other auto makers.

The long-range version of Tesla’s (NASDAQ:TSLA) best-selling Model 3 boasts 322 miles on a full charge. The mass-market car accelerates from 0 to 60 miles per hour in 4.4 seconds, though a performance version can do the same distance in 3.2 seconds.

If that’s impressive, GM (NYSE:GM) wants you to know that you haven’t seen anything yet.

Earlier this month, the Detroit automaker revealed its new Ultium batteries. The new batteries will have a range of “up to 400 miles or more” and boast an acceleration speed of 0 to 60 mph in 3 seconds.

GM’s Ultium batteries better and cheaper than Tesla’s

In addition to the increased range, GM is also promising to make its battery tech cheaper than Tesla’s. GM has committed to continuously embark on lowering the cost of the batteries to below $100/kWh.

Source:GM Licensing Its New Battery Tech Could Put Tesla Out of Business