JAKARTA General Motors (GM) is working on delivering affordable electric cars through the second-generation Bolt EV which is scheduled to be produced at a company plant in Fairfax, Kansas, by the end of this year and will be available at dealers by 2026.
But for that, General Motors (GM) needs to take strategic steps by importing batteries from the world's largest battery manufacturer from China, CATL, to power Chevrolet Bolt EV. This decision was taken as a temporary solution to reduce costs, despite having to face high import rates.
A report from The Wall Street Journal was forwarded by CnEVPost, Friday, August 8, stating that GM plans to buy batteries from CATL for about two years. This move will give GM and its partner, LG Energy Solution, time to produce batteries at low cost, particularly using Lithium Iron Phosphate (LFP) technology, in the United States.
Despite facing a significant import rate of about 80 percent for EV batteries from China but this decision makes more sense to GM. This is mainly because an incentive for electric vehicles of US$7,500 will be removed next month. Thus, Bolt EV will no longer be in an unfavorable position than other electric cars that meet credit requirements.
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A GM spokesman confirmed that this step is a "temporary solution" to remain competitive in the increasingly stringent EV market.
"For several years, another US automaker has relied on foreign suppliers for LFP battery sources and licenses," the spokesman said.
"To stay competitive, GM will temporarily get this battery pack from a similar supplier to drive our most affordable EV model," he added.
The LFP is known for its lower cost, although it has a lower energy density than the lithium ternary battery.
It is known, CATL together with BYD, dominates the global LFP battery market, while producers of Japan and South Korea are more focused on lithium ternary batteries. According to data from SNE Research, CATL remains the global battery market leader with a market share of 37.9 percent in the first half of this year
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