By : GM investment powers Lithium Americas on EV battery plans
Lithium Americas Corp.’s stock rose Tuesday on the announcement of plans by General Motors Co. to invest $650 million in the company to produce lithium for its electric-vehicle batteries at the Thacker Pass mine in Nevada.
The Vancouver-based Lithium Americas
LAC,
+13.00%
said the project would create 1,000 jobs in construction and 500 in operations and produce lithium for up to one million electric vehicles (EVs) a year.
The mine, located near Nevada’s border with Oregon, is the target of a multi-year legal battle in federal court from opponents including Native American tribes and environmental groups. The Thacker Pass Lithium Mine Project won approval from the Bureau of Land Management in January 2021.
Lithium from Thacker Pass will be used in GM’s
GM,
+7.91%
proprietary batteries for its EVs.
“Direct sourcing critical EV raw materials and components from suppliers in North America and free-trade-agreement countries helps make our supply chain more secure, helps us manage cell costs, and creates jobs,” GM CEO Mary Barra said.
Thacker Pass is scheduled to begin operation in the second half of 2026, the companies said.
Along with Thacker Pass, Lithium Americas Corp. also is focused on a mine in Argentina, which will produce lithium from evaporated pools of salt brine.
American Lithium Corp.
AMLI,
-2.54%
LI,
-2.00%,
which is also based in Vancouver, has a project in Nevada and another in Peru.
Lithium Americas’
LAC,
+11.50%
stock has been trading on the Nasdaq since 2018. Previously, it traded solely in Canada.
Also read: GM easily beats earnings expectations and offers upbeat outlook
