GM Announces New EV Battery Center Investment To Expand Battery Ambitions

General Motors Co (NYSE:GM) announced an all-new facility, the Wallace Battery Cell Innovation Center, to drive its battery technology operations and accelerate the development and commercialization of more extended range, more affordable electric vehicle batteries.
The GM's Global Technical Center campus in Warren, Michigan, will house the center. The facility aims to advance GM's vision of an all-electric future and drive widespread adoption of EVs, building on more than a decade of advanced battery development at GM Research and Development.
GM will also use the facility to integrate the work of GM-affiliated battery innovators work to reach its goal of at least 60% lower battery costs with the next generation of Ultium.
The Wallace Center is currently under construction and will be ready by mid-2022. The facility will likely grow up to three times its initial footprint, with room for additional investments.
The facility will build its prototype cells in Q4 of 2022.
The center will allow GM to accelerate new technologies like lithium-metal, silicon, and solid-state batteries, along with production methods for quick deployment at battery cell manufacturing plants.
The Wallace Center will be capable of building large-format, prototype lithium-metal battery cells for vehicle usage.
Price Action: GM shares traded lower by 0.15% at $53.90 on the last check Tuesday.