General Motors To Invest $650 Million Lithium Americas To Support Its EV Business

[Admin]

General Motors To Invest $650 Million Lithium Americas To Support Its EV Business General Motors revealed on Tuesday January 31, 2023 that it plans to invest $650 million in Lithium Americas to gain access to lithium which is a key component of EV batteries. Lithium is widely sought after because of its extremely high energy … (read full article...)

 

[Amperix]

The investment in Lithium Americas is a strategic move by GM to secure a long-term supply of lithium, as demand for the metal is expected to surge in the coming years. Lithium is a key component in EV batteries, and the rapid growth of the EV market is driving demand for the metal. By investing in a mining project, GM can ensure a stable and sustainable supply of lithium for its EV batteries, reducing the risk of supply chain disruptions.

 

[Voltaiz]

The demand for lithium is expected to reach over 3 million tonnes by 2030. Thacker Pass in Nevada is the largest known source of lithium in the United States. GM is making a $650 million equity investment in Lithium Americas. This is by far the largest-ever investment by an automaker to produce battery raw materials. GM with this investment will receive exclusive access to Phase 1 production. Material sourced from Lithium Americas will help support EV eligibility for consumer incentives under the U.S. clean energy tax credits. Lithium Americas estimates the lithium extracted and processed from the project can support production of up to 1 million EVs per year. Lithium carbonate from Thacker Pass will be used in GM's proprietary Ultium battery cells. This is expected to accelerate the energy transition while spurring job creation and economic growth in America.