Lithium Americas gets GM investment for EV batteries

Stocks at Lithium Americas Corp. surged Tuesday after it was announced that General Motors Co. plans to invest $650 million in the company in order to produce lithium for its electric-vehicle batteries at the Thacker Pass mine near Las Vegas.

‍

This project is expected to bring 1,000 jobs to the construction and 500 to the operations of the plant in addition to supplying lithium for up to one million electric vehicles (EVs) every year, according to Vancouver-based Lithium Americas LAC, 14.37%.

‍

Native American tribes and environmental groups have battled the mine for more than a decade in federal court near Nevada's border with Oregon. The Bureau of Land Management approved the Thacker Pass Lithium Mine Project in January 2021.

‍

As part of its energy efficiency program, GM will be using lithium from Thacker Pass in its proprietary batteries for its electric vehicles. “We believe that by using North American and free-trade agreement suppliers to source critical EV raw materials and components, we will be able to make our supply chain more secure, we will be able to manage cell costs effectively, and we will be creating jobs,” said Mary Barra, the CEO of General Motors.

‍

The Thacker Pass is expected to begin operations in the second half of 2026, according to a statement released by the companies.

Lithium Americas Corp., along with Thacker Pass, has also been studying a lithium mine in Argentina that will run on evaporated pools of salt brine, which is expected to produce lithium.

‍

Lithium Corp., also known as American Lithium Corporation, also based in Vancouver, has a project in Nevada and another one in Peru which are both in the process of being developed.

‍

Earlier this year, Lithium Americas' LAC, 11.94% stock was listed on the Nasdaq and has been trading there since then. There was a time when the company traded only within the borders of Canada.