01:57 PM EDT, 10/08/2024 (MT Newswires) -- General Motors ( GM ) will cease using the Ultium branding for its electric vehicle batteries in a strategy shift amid changing market conditions, CNBC reported Tuesday.

The company confirmed the move before an investor event scheduled for Tuesday, CNBC said.

"As GM continues to expand its EV business, the company is no longer branding its electric vehicle architecture, battery and cells, or EV components with the Ultium name, starting in North America," the company said in a statement, CNBC reported.

GM's batteries and technologies will remain, the report said.

GM didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 46.39, Change: +0.41, Percent Change: +0.89