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GM signs deal with MIT-spinout to reduce EV battery costs by 60%

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General Motors has signed a deal with a Massachusetts Institute of Technology spinout for joint development of next-generation electric vehicle batteries that are expected to cut the cost of the technology by 60%.

The tie-up with Singapore-based SolidEnergy Systems, which was founded by MIT grad Qichao Hu, is focused on new battery chemistry to reduce the size of the batteries while increasing an EV’s range. That then helps lower the cost of the vehicles.

As part of the deal, GM and SolidEnergy Systems plan to build a prototype production line in Woburn, Massachusetts, for a “high-capacity, pre-production battery by 2023.”

GM previously announced the…



Source cnbc.com

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