GM to invest $625 million in joint venture to mine EV battery raw materials in U.S.

General Motors has agreed to establish a joint venture with Lithium Americas Corp. to develop a lithium carbonate mining operation in Nevada. GM will supply $625 million in cash and credit to the Canadian mining business, securing raw materials crucial for powering electric vehicles. This partnership will help GM grow its all-electric vehicle business and meet federal requirements for EV production. The announcement sent shares of Lithium Americas up by 10% in early trading. GM will have a 38% interest in the Thacker Pass project, further strengthening its relationship with Lithium Americas. This joint venture builds on GM’s previous investment in Lithium Americas and is expected to enhance the development of a domestic lithium supply chain.