GM Commits $625 Million to Boost EV Battery Production

General Motors (GM) is set to invest $625 million in a lithium mining project in the U.S. to enhance EV battery production. The automaker has announced a partnership with mining company Lithium Americas to develop the Thacker Pass facility in Nevada.

The investment consists of a $430 million direct payment from GM and an additional $195 million line of credit to finance the facility's construction. The inclusion of this credit component secures a $2.3 billion loan from the Department of Energy to support the project.

“Securing key EV raw materials like lithium from U.S. suppliers will help us manage battery cell costs and create jobs,” - said Jeff Morrison, GM’s senior vice president of global procurement and supply chain.

“This investment from GM shows their ongoing support and helps us obtain the $2.3 billion Department of Energy loan,” - said Jonathan Evans, CEO of Lithium Americas.

This is not GM’s first investment in Lithium Americas.