In a joint venture with Lithium Americas Corp. General Motors Company (GM) has made a $625 million commitment to the development, construction and operation of a lithium carbonate mining operation in Nevada.
It is essential for GM to secure raw materials like lithium from the U.S. in order to grow its all-electric vehicle business profitably. This is necessary to meet the increasing federal requirements for incentives to produce and sell the vehicles, as well as the large batteries required to power them.
“We’re pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,” stated GM’s SVP, Jeff Morrison. “Sourcing critical EV raw materials, like lithium, from suppliers in the U.S., is expected to help us manage battery cell costs, deliver value to our customers and investors, and create jobs.”
“Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass,” said Lithium Americas CEO Jonathan Evans in a company press release.
The deal comes as a win for Lithium America, which has seen a 10 percent surge in share prices since the venture was announced today.
By CEO NA Editorial Staff