General Motors will invest $650mn in a US lithium mine, a record investment by a carmaker to secure the raw materials used in electric vehicle batteries.
The US group will make an initial investment of $320mn by mid-2023 in return for exclusive rights to the first stage of lithium production at Lithium America’s Thacker Pass in the US state of Nevada and almost 10 per cent of the miner’s shares, with a further $330mn to follow later on.
“It’s a landmark transaction, and it certainly won’t be the last major supply chain announcement for GM,” chief executive Mary Barra said on Tuesday as the company reported strong fourth-quarter results.
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