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GM to make $650M equity investment in Lithium Americas, co-develop Thacker Pass
Jan. 31, 2023 Lithium Americas Corp. (LAC)
Lithium Americas (NYSE:LAC) +10.1% pre-market Tuesday after announcing with General Motors (NYSE:GM) they will jointly invest to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the U.S.
GM (GM) will make a $650M equity investment in Lithium Americas (LAC), which the companies say represents the largest-ever investment by an automaker to produce battery raw materials.
Lithium Americas (LAC) has estimated the lithium extracted and processed from the project can support production of as many as 1M electric vehicles per year.
GM (GM) said it will use the lithium carbonate from Thacker Pass in its proprietary Ultium battery cells.
"The agreement with GM is a major milestone in moving Thacker Pass toward production, while setting a foundation for the separation of our U.S. and Argentine businesses," Lithium Americas (LAC) President and CEO Jonathan Evans said.