General Motors announced that its Ultium battery cell costs have fallen by 40 percent since 2024, bringing the company closer to its goal of EV price parity with internal combustion vehicles by 2028.
The cost reductions stem from improved manufacturing efficiency at GM's joint venture battery plants with LG Energy Solution, as well as a shift toward lithium iron phosphate chemistry for entry-level models.
GM's CFO stated that several upcoming Ultium-based models will be priced below $35,000, opening the electric vehicle market to a significantly broader customer base.
