Published on 16 Oct 2024 on Yahoo Finance
GM doubles down on EV batteries, invests $625M in lithium project
GM (GM) is upping the ante on its EV bet, investing $625 million directly into a US-based lithium mine project.
GM and miner Lithium Americas (LAC) announced the two companies will create a joint venture to develop and mine a site known as “Thacker Pass” in Humboldt County, Nev. GM will invest the $625 million in the form of a $430 million direct payment and $195 million in credit to support construction of the site. The inclusion of the $195 million in credit unlocks a critical Department of Energy loan worth $2.3 billion to support the project.