General Motors (NYSE: GM) said today in Detroit that it is leading a $60 million Series B financing round in Mitra Chem,* a Silicon Valley-based, AI-enabled battery materials innovator. The company’s AI-powered platform and advanced research and development facility in Mountain View, California, will be part of the commercialization of affordable electric vehicle batteries, GM claimed.
The companies will develop advanced iron-based cathode active materials (CAM), such as lithium manganese iron phosphate (LMFP), to power affordable and accessible EV batteries compatible with GM’s EV propulsion architecture,aka the Ultium Platform. GM’s funding will help Mitra Chem expand its current operations and to “expedite their novel battery materials formulation to market.” Continue reading












Big Three UAW Strike Could Top $5B in Losses
A new analysis presented to the Automotive Press Association today by consulting firm Anderson Economic Group (AEG)* estimates that a strike on all three automakers by 143,000 United Auto Workers (UAW) members could result in a total economic loss of more than $5 billion after 10 full days. The UAW contract expires on 14 Sept, and it covers 150,000 autoworkers at Ford, General Motors and Stellantis. Wage losses if a strike occurs are at ~$859 million. AEG calculated the total economic loss by estimating potential losses to UAW workers, the manufacturers, and to the auto industry more broadly if negotiations are not successful before the current contract expires in September.
“When the UAW went on strike against GM in 2019, Michigan experienced a single quarter recession,” said Patrick Anderson, AEG’s principal and CEO. That strike, which involved 48,000 workers at more than 50 plants, lasted six weeks. In 2023, there appears that at the moment there is the potential that a strike could involve more manufacturers, workers and plants, which makes theoretical comparisons difficult until there are more data points. “If that (all makers are struck) happens, even a short strike would impact economies throughout Michigan and across the nation,” said Anderson.* Continue reading →