General Motors has formed a joint venture with Lithium Americas Corp. to develop and operate the Thacker Pass lithium mine in Nevada. GM is investing $625 million into the venture, including $330 million in cash and a $195 million letter of credit facility. The mine will produce lithium carbonate, a crucial component for electric vehicle batteries, helping GM secure U.S. raw materials for its EV expansion. Lithium Americas shares surged over 20% following the news. GM will hold a 38% stake in the project, with the venture expected to strengthen GM’s EV supply chain.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02General Motors has formed a joint venture with Lithium America's Corp to develop and
00:06operate the Thacker Pass Lithium Mine in Nevada. GM is investing $625 million into the venture,
00:13including $330 million in cash and an $195 million letter of credit facility.
00:19The mine will produce lithium carbonate, a crucial component for electric vehicle batteries,
00:24helping GM secure U.S. raw materials for its EV expansion.
00:28Lithium America's shares surged over 20 percent following the news.
00:32GM will hold a 38 percent stake in the project,
00:34with the venture expected to strengthen GM's EV supply chain.
00:38For all things money, visit Benzinga.com slash GSTV.