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business Friday 20 November 2020

GM: New batteries cut electric car costs, increase range

By TOM KRISHER than current battery packs
Associated Press now in the Chevrolet Bolt
DETROIT (AP) — General electric car, he said.
Motors says a pending The chemistry, which will
breakthrough in battery use lithium metal anodes,
chemistry will cut the price will help GM package bat-
of its electric vehicles so tery cells for a wide range
they equal those pow- of vehicles at different price
ered by gasoline within five points and ranges, Parks
years. The technology also said. The new battery cells
will increase the range per also will be used by Honda,
charge to as much as 450 which is partnering with GM
miles. and battery cell supplier LG
The company's product de- Chem of Korea.
velopment chief promised Parks said GM's next gen-
a small electric SUV that eration of batteries due out
will cost less than $30,000 next year already are get-
and pledged to roll out 30 ting close to reducing elec-
battery-powered models tric vehicle costs so they
worldwide by 2025. Nearly are similar to internal com-
all current electric vehicles bustion engine vehicles, es-
cost more than $30,000. pecially when fuel costs are
The announcement Thurs- factored in.
day shows how fast elec- In this Feb. 13, 2020 file photo a 2020 Chevrolet Bolt EV is displayed at the 2020 Pittsburgh He said the company will
tric vehicle technology is International Auto Show in Pittsburgh. Associated Press build its own batteries to
evolving and how it may take advantage of econo-
become the primary fuel ers and startups has always hicle sales in 10 to 15 years. The company also wants to mies of scale as more elec-
for transportation sooner been balancing range President-elect Joe Biden supplant Tesla as the global tric vehicles are sold. "We'll
than almost anyone be- against battery costs, and is likely to restore govern- electric vehicle leader, say- learn it. We'll perfect it. We'll
lieved. GM appears to have gone ment fuel economy regula- ing it has done great things scale it and we'll ride that
The GM announcement is beyond that, Abuelsamid tions that have been rolled and was able to get the cost curve down," Parks
among a series of recent said. back by President Donald jump on GM and other tra- said.
tipping points from inter- "What we're seeing now Trump, with Biden vowing ditional automakers. He didn't give many details
nal combustion vehicles is that they're confident to spend billions on electric To back up its claims, GM on the new electric vehicles
to electric, Guidehouse enough on their costs that vehicles and charging in- said it will raise spending GM plans to unveil, but said
Insights Principal Analyst they think they can of- frastructure. GM supported on electric vehicles from there would be a Chevrolet
Sam Abuelsamid said. Ford fer those 300-to-400 mile the rollback. a promised $20 billion, electric pickup truck and a
and Fiat Chrysler recently range vehicles, and the up- "If you look at all the fore- to more than $27 billion small Chevrolet SUV similar
announced plans to build front cost is similar to inter- casts the estimates, gen- through 2025. in size to the brand's Equi-
electric vehicles and com- nal combustion vehicles," erally, the demand is kind The new battery cell chem- nox. As sales volumes rise
ponents at Canadian fac- Abuelsamid said. of potentially being fore- istry, now undergoing early for that mass-market SUV,
tories, and Volkswagen, The developments arrive cast to pick up," said Doug tests at a lab inside GM's that will help GM offer elec-
the world's top-selling au- as government pollution Parks, GM executive vice suburban Detroit technical tric vehicles at even lower
tomaker, is increasing its regulations tighten world- president of product devel- center, can hold twice as prices, he said.
EV spending and models. wide, with California and opment. "We think the in- much energy as the com- More product details will
"There's going to be a lot the United Kingdom re- dustry is transforming, and pany's current electric ve- be revealed at the Barclays
more EVs coming," he said. cently announcing plans to so we want to be at the hicle batteries, Parks said. Auto Conference on Thurs-
The challenge for automak- ban gas-powered new ve- leading edge of this." They'll also cost 60% less day afternoon, Parks said.

Bally’s buys sports betting tech company, closes AC purchase

By WAYNE PARRY Indiana and Colorado. two years, Bally's has been
Associated Press "This is the next step in our on a buying spree with the
ATLANTIC CITY, N.J. (AP) — company's evolution," said goal of transforming from a
Bally's Corp. has purchased Soo Kim, chairman of the small regional casino com-
a sports betting technology company's Board of Direc- pany to a national player in
company for $125 million tors. "By combining our ex- the gambling industry. It will
and has finalized the pur- panding national footprint have 14 casinos in 10 states
chase of a casino in Atlan- of casinos, the recently once all pending transac-
tic City. The transactions, acquired Bally's brand, tions are completed. The
both announced Wednes- and Bet.Works' proprietary company also recently
day night, give the Rhode technology stack, we have bought the Bally's brand
Island company formerly evolved in just a few short and renamed itself.
known as Twin River World- years from a regional casi- It finalized its purchase of
wide Holdings a solid place no operator into the first U.S. Bally's casino in Atlantic
in the sports betting and gaming company commit- City from Caesars Enter-
physical casino markets as ted to serving our custom- tainment and a related
it rapidly expands across ers with an omni-channel entity, VICI Properties, for In this Jan. 29, 2020 photo, a gambler makes a sports bet at
the U.S. Bally's bought Bet. approach, combining the $25 million. In a research Bally's casino in Atlantic City, N.J.
Works, a sports betting plat- best of our physical prop- note issued shortly before Associated Press
form provider to opera- erties with a superior online the latest transactions were rie Group said sports bet- will be key strengths for
tors in New Jersey, Iowa, experience." Over the past announced, the Macqua- ting and internet gambling Bally's.q