GM Strengthens EV Battery Safety with Algolion Acquisition, To Transform EV Performance
Portfolio Pulse from Anusuya Lahiri
General Motors Co (NYSE:GM) has acquired Algolion, an Israel-based software startup that can detect potential hazards in battery cells. The financial terms of the deal were not disclosed. Algolion's software uses data streams from EV battery management systems to identify anomalies in cell performance. The acquisition comes after GM issued two recalls for thousands of Chevrolet Bolt EVs due to battery fire risk.
June 30, 2023 | 5:31 pm
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The acquisition of Algolion by General Motors could enhance the safety of its EV batteries, potentially reducing the risk of future recalls. This could improve the company's reputation and increase consumer trust in its EV products.
The acquisition of Algolion, a company that specializes in detecting potential hazards in battery cells, could help GM improve the safety of its EV batteries. This could reduce the risk of future recalls, which have been a significant issue for GM in the past. As a result, this could improve the company's reputation and increase consumer trust in its EV products, potentially leading to increased sales and a positive impact on the company's stock price.
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