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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: General Motors (GM) announced plans to phase out its Ultium battery brand as it refines its electric vehicle (EV) strategy, aiming to improve profitability while continuing to invest in internal combustion engine (ICE) vehicles
• GM expects to sell 200,000 EVs in North America this year and achieve positive variable profit from EVs sooner than anticipated
🔭 The context: Despite GM's push toward electrification, demand for ICE vehicles remains strong, with the company dedicating one-third of its capital budget to improving its traditional vehicle lineup
• The decision to sunset the Ultium brand comes as GM explores vehicle-specific battery solutions for better performance and cost efficiency
🌍 Why it matters for the planet: GM's commitment to expanding its EV portfolio supports the global transition to cleaner energy, but the continued focus on ICE vehicles highlights the industry's balancing act between profitability and environmental goals
⏭️ What's next: GM plans to open a battery prototyping center in Michigan by 2027, which could accelerate battery development
• The company is also reviving the Chevrolet Bolt in 2026 with updated technology, aiming to keep it affordable while improving charging capabilities
💬 One quote: "We believe our EV losses peak this year, and we're focused on significantly improving profitability next year" — Mary Barra, GM CEO
📈 One stat: GM expects to produce and wholesale 200,000 EVs in North America in 2024, signaling a shift toward EV profitability
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