GM to invest $650 million in a lithium company to support its electric vehicle business
Publishing timestamp: 2023-01-31 15:31:40
Summary
General Motors announced it will invest $650 million in Lithium Americas to secure access to lithium, a critical component of batteries for electric vehicles. This is GM's biggest investment to secure sources of raw materials for batteries. The lithium from Thacker Pass mine in Nevada will be enough for GM to make 1 million electric vehicles per year. GM will get exclusive access to the first phase of lithium production and the right of first offer on the second phase. The investment will create 1000 jobs during construction and 500 during operations.
Sentiment: POSITIVE
Keywords: nevada, electric vehicles, autos, transportation, business news, climate, general motors co, electric vehicle manufacturing, lithium americas corp,