US carmaker General Motors has increased its investment in a lithium mine to nearly $1bn as it seeks to secure the long-term supply of a metal that is crucial to the production of electric vehicle batteries.
The company has raised its overall commitment to Vancouver-based Lithium Americas to $945mn from $650mn — a 45 per cent increase and the biggest in a lithium project by a US carmaker, according to the Canadian miner.
Under the deal announced on Wednesday, GM will enter into a joint venture with Lithium Americas to develop the Thacker Pass mine in Nevada. Lithium Americas’ shares surged 22 per cent on the news by lunchtime in Toronto.
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