GM to sell new electric car batteries to Honda in North America - lithium ion battery price

(Reuters) -
GM said on Thursday that GM will provide advanced batteries to Japan's Honda Motor Company, a move that could significantly reduce the cost of future electric vehicles for the two automakers after 2020.
GM says the brand of the new battery is EME 1.
Last fall, it will be smaller than the current EV battery, charging faster and providing more energy.
The battery pack is usually the most expensive part of an electric vehicle for $10,000 to $12,000-
It is almost the third place in the price of GM Chevrolet Bolt electric vehicles.
Sources told Reuters earlier this year that GM plans to cut its prices by nearly half by 2021.
GM and Honda said on Thursday that they will "work together" on batteries, which supply batteries and modules, mainly for electric vehicles sold by two companies in North America.
A source familiar with GM's plans said that the current battery supplier, South Korea's LG Chem, is expected to provide batteries for new batteries, mainly the design of GM.
New batteries are expected to start production at around 2021, sources said.
GM declined to provide more details and said it had not finalized a supplier agreement for the new battery.
LG Chem did not immediately respond to requests for comment.
GM, which has a partnership with Honda, will work with hydrogen fuel cells to develop electric vehicles and is expected to go public in 2020.
Earlier this year, sources told Reuters that a key factor in GM's new battery design was the reduction in the amount of cobalt, the most expensive ingredient in lithium at the moment.
Ion battery.
Over the past two years, cobalt prices have soared as demand from automakers is expected to surge.
GM's new battery design adds to the amount of nickel, which allows the battery to store and generate more energy, sources told Reuters.
Other battery manufacturers are exploring similar changes in battery chemistry and design.
GM batteries are an important factor in the automaker's plans to significantly increase the production of electric vehicles after 2020, especially in China.
Besides EME 1.
0 battery system, GM is also developing a dedicated architecture for future electric vehicles that is modular and flexible enough to accommodate a wide range of vehicles of different types and sizes.