General Motors is betting big on battery technology for its ambitious plan to sell one million electric vehicles per year by 2025

General Motors showcased its new Ultium battery design last week near Detroit.

The objectives for Ultium are to support 22 new electrified vehicles by 2023, drive costs below $100 per kilowatt-hour, provide flexibility to vehicles designs, and enable GM's EV rollout to be profitable on its first cycle.

The Ultium battery pack is both smart and cost-efficient, reducing cobalt usage by 70%, and GM eventually wants to eliminate both cobalt and nickel from its battery designs, and to move toward sold-state batteries.

GM is planning to spend $20 billion on electric and autonomous vehicles by 2025. The automotive giant is also focused on ensuring that its burgeoning EV program is profitable in its first cycle.

Click here to read the full story, available only to BI Prime subscribers.