The automaker says it will acquire a US$650 million equity stake in Vancouver-based Lithium Americas Corp. in a deal that will produce enough lithium for 1 million EVs a year.
DETROIT — General Motors is making what it says is the largest-ever investment by an automaker in battery raw materials production as it prepares to further ramp up electric vehicle production in the coming years.
"It's a landmark transaction, and it certainly won't be the last major supply chain announcement for GM," GM CEO Mary Barra told analysts on the automaker's fourth-quarter earnings call."We continue to pursue strategic supply agreements and partnerships to further secure our long-term needs and drive investment in the United States and across North America."
"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 CEO Jonathan Evans said in a statement."This relationship underscores our commitment to develop a sustainable domestic lithium supply chain for electric vehicles.
Battery cell capacity is one reason EV production has been slower to scale, executives said Tuesday. GM has said it now expects to produce a total of 400,000 EVs in North America by mid-2024 rather than by the end of 2023, as the automaker previously forecast. The automaker reiterated Tuesday that it is on track to meet its 1 million EV production goal in 2025.
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