• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

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

by October 17, 2024
written by October 17, 2024

DETROIT — General Motors has agreed to establish a joint venture with Lithium Americas Corp. that includes the automaker supplying $625 million in cash and credit to the Canadian mining business, the companies announced Wednesday.

The deal is centered on the development, construction and operation of a lithium carbonate mining operation called Thacker Pass in Humboldt County, Nevada. Lithium is a key component for batteries that power electric vehicles.

Securing raw materials such as lithium from the U.S. is crucial to GM’s plans to profitably grow its all-electric vehicle business and meet tightening federal requirements for incentives to produce and sell the vehicles and the large batteries needed 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,” Jeff Morrison, GM senior vice president of global purchasing and supply chain, said in a release. “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.”

The announcement sent shares of Lithium Americas roughly 10% higher in early trading Wednesday to around $3. The stock had jumped more than 20% during premarket trading on the agreement, which had previously been announced as an equity deal.

GM will have a 38% interest in Thacker Pass, according to the release. The joint venture investment is expected to include $330 million cash to be contributed on the date of its closing; $100 million cash to be contributed at a “final investment decision” for a phase of the project; and a $195 million letter of credit facility prior to first draw on the $2.3 billion Department of Energy Loan.

“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,” Lithium Americas CEO Jonathan Evans said in a release.

The joint venture is in addition to GM’s $320 million investment into Lithium Americas in February 2023. The investment included GM acquiring approximately 15 million common shares of Lithium Americas.

In August, GM and Lithium Americas agreed to delay a second tranche investment worth $330 million in the miner to explore alternative structures for the investment.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Israel’s UN ambassador: Response to Iran will be ‘very painful’
next post
‘Despicable human being’: McConnell’s 2020 thoughts on ‘sleazeball’ Trump revealed in new book

related articles

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025

Trump says U.S. will impose new tariffs on...

September 29, 2025

Former Fed chairs warn that removing Lisa Cook...

September 27, 2025

Amazon to pay $2.5 billion to settle FTC...

September 27, 2025

The charm of watching movies in theaters is...

September 25, 2025

Ben & Jerry’s co-founder resigns, claiming parent company...

September 18, 2025

LimeWire acquires Fyre Festival, asking ‘What Could Possibly...

September 17, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Inflation in China: Impacts and Expectations

    July 10, 2024
  • IDF strikes Hezbollah terror targets in Lebanon after they were seen preparing to fire toward Israel

    August 25, 2024
  • Jimmy Carter nears the top of America’s ‘Most Admired Man’ list, according to Gallup

    December 30, 2024
  • Trump tax cuts survive key House hurdle as fiscal hawks threaten rebellion

    April 9, 2025
  • Debt-ridden Harris campaign spent $2.6 million on private flights for staff in October: FEC documents

    November 17, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,247)
  • Investing (634)
  • Stock (935)

Latest Posts

  • EURAUD and EURNZD: New annual high for EURNZD at 1.82573

    July 23, 2024
  • SOUN Stock is Soaring By 1.64%. Will It Maintain Its Gains?

    August 27, 2024
  • Gold and Silver: Gold is bullish again this morning

    August 23, 2024

Recent Posts

  • Universal’s Epic Universe theme park set to open in May 2025

    October 18, 2024
  • PepeX ICO raises $1.35M as Trump’s crypto push fuels market attention

    April 14, 2025
  • Trade war could push S&P 500 down further to this level

    April 9, 2025

Editor’s Pick

  • Lawsuit says Clorox hackers got passwords simply by asking

    July 23, 2025
  • Trump administration moves decisively to block China from ‘weaponizing’ American farmland

    July 8, 2025
  • Trump pressures Israel to end Gaza conflict as he eyes Abraham Accords expansion

    June 30, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock