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GM to invest $650 million in a lithium company to support its electric vehicle business - TL;DR CNBC

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

Tickers: LACGM

Keywords: nevadaelectric vehiclesautostransportationbusiness newsclimategeneral motors coelectric vehicle manufacturinglithium americas corp

Source: https://www.cnbc.com/2023/01/31/gm-to-invest-650-million-in-lithium-company-to-support-ev-growth.html


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