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General Motors Expands its North American Lithium Empire with $950 Million Investment in Nevada Mine

Carl Harrison by Carl Harrison
October 20, 2024
in Latest News
Reading Time: 2 mins read
0
General Motors Expands its North American Lithium Empire with $950 Million Investment in Nevada Mine

The Ultium Cells battery facility, a joint venture of General Motors and LG Energy Solution Michigan, on Wednesday, Aug. 28, 2024, in Delta Township.

General Motors (GM) has taken a major step in securing its supply of critical minerals for electric vehicles (EVs), boosting its investment in Nevada’s Thacker Pass lithium mine to nearly $1 billion. The automaker, in partnership with Lithium Americas, will form a joint venture (JV) to develop the Thacker Pass mine, North America’s largest lithium source, which is essential for EV battery production.

This latest move comes as part of GM’s broader strategy to cement its supply chain for the future of electric vehicle production. The additional $325 million investment brings the automaker’s total stake in the project to $950 million, giving GM a significant ownership in the mine and securing a supply of lithium for at least 20 years. This investment also doubles GM’s access to Thacker Pass’s production, providing a long-term, stable supply of the essential battery metal.

Despite the sizable investment, GM remains open to further partnerships across North America for other critical minerals such as cobalt and nickel. Jeff Morrison, GM’s senior vice president of global purchasing and supply chain, emphasized that while the Thacker Pass JV would secure a “significant” portion of the automaker’s lithium needs, GM continues to explore opportunities to bolster its North American supply chain without directly engaging in mining operations.

“We don’t want to become a mining company,” Morrison said. “Our main goal is to build out a North American-based, Western-allied, reliant supply chain. To do that, we have to pick partners and assets and figure out what they need to do to industrialize and be successful.”

GM is actively working to diversify its sources of critical minerals beyond lithium. The company already has deals in place for cobalt with Glencore, investments in nickel and cobalt through Queensland Pacific Metals, and another lithium supply agreement with Arcadium Lithium. These strategic investments underline GM’s commitment to securing a steady flow of raw materials for its EV production pipeline.

While GM’s 2021 investment in the Hell’s Kitchen geothermal brine project in California has faced delays, Morrison emphasized the company’s continued support for the project, stating, “We are still working with them and still staying close with them.”

As GM continues to ramp up its EV production plans, the automaker’s focus on building a secure, North American-based supply chain for critical minerals is pivotal. The Nevada investment not only secures the lithium needed for its EV batteries but also signals GM’s intention to lead in the transition to a sustainable, electrified automotive future.

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