GM, Honda sign deal to develop batteries for electric vehicles
General Motors and Honda collaborate efforts to develop energy storage devices for electric vehicles
US giant General Motors and Japan-based Honda, had come up with a battery improvisation program for electric vehicles. Prior to the new deal on battery both the companies were collectively working on hydrogen fuel cells. With the rising population and increased consumption of energy for transportation purpose has made electric vehicles as the necessity of modern world. By introduction of supercapacitors, end users are expecting an overall gain margin in reduced carbon footprints. Thereby driving the overall market of supercapacitors consumption globally.
Reduced greenhouse gases & shift towards efficient energy storage devices:
- Advancement of technology: Key agenda of the partnership includes development of the battery components for the electric vehicle. More power with compact sizes batteries are expected to be delivered as the result of the joint research which will help reducing the weight, space and overall energy consumption of the electric vehicle. General Motors is on a continuous track to improve its electric portfolio business across the globe. One such investment is doubling capital influx in the Chinese region for “China EV launch target”.
- Effect on other EV manufacturers: The partnership on the research has led to a minor setback for the key competitors like Tesla, Honda, Fiat Chrysler, and Ford Motors which are investing billions of dollars into the electric vehicle development. Asia is the fastest region for the development of the materials added to energy storage devices. Also, it is expected that the Asian region will foresee a great step towards cleaner and better future in terms of energy usage.
General Motors: A brief overview
General Motors is a US Multinational headquartered at Detroit. The company is majorly into manufacturing, designing and selling automotive components like cars, trucks and another OEMs worldwide. The company operates through GM North America, GM International, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names. The company also sells cars, trucks, and crossovers to dealers for consumer retail sales, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. In addition, it offers connected safety, security, and mobility solutions, as well as information technology services. Further, the company provides automotive financing services.
- Satya Shiwani,
Senior Research Analyst,