GM raises investment in lithium mine to nearly $1bn

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{"text":[[{"start":9.86,"text":"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. "}],[{"start":23.96,"text":"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. "}],[{"start":41.66,"text":"Under the deal announced on Wednesday, GM will enter into a joint venture with Lithium Americas to develop the Thacker Pass mine in Nevada. "},{"start":50.30199999999999,"text":"Lithium Americas’ shares surged 22 per cent on the news by lunchtime in Toronto. "}],[{"start":56.599999999999994,"text":"The carmaker says it is part of a push to secure access to the metal, forecast to experience big shortages as demand grows in the switch to electric cars. "}],[{"start":67.44999999999999,"text":"GM will invest $625mn — a combination of $430mn in cash and $195mn in letters of credit — to take a 38 per cent stake in the Thacker Pass project. "},{"start":82.60399999999998,"text":"Lithium Americas has a 62 per cent stake. "}],[{"start":87.22999999999999,"text":"The announcement replaces GM’s original plans to invest $330mn in the mine. "},{"start":93.89699999999999,"text":"The company had already invested $320mn, announced last year. "},{"start":99.45199999999998,"text":"That deal gave it a 7 per cent share holding in Lithium Americas. "}],[{"start":104.99999999999999,"text":"The agreement follows the US government’s announcement of a loan of $2.3bn to Lithium Americas to develop the mine, which is expected to produce enough of the metal to supply 800,000 electric vehicles. "}],[{"start":119.35999999999999,"text":"The partnership gives GM the exclusive rights to the first stage of lithium production at Thacker Pass for 20 years. "}],[{"start":127.09999999999998,"text":"The company has also agreed to take up to 38 per cent of the second phase of production under an additional 20 year offtake agreement, a deal to take future supplies. "}],[{"start":137.83999999999997,"text":"GM’s increased investment comes as the carmaker has laid out ambitious plans to “seize EV battery leadership from China”. "}],[{"start":146.2,"text":"The company recently overhauled its battery strategy, bringing in a new team led by a former Tesla executive and a new facility to develop batteries at lower costs. "}],[{"start":157.60999999999999,"text":"The need to secure battery metals has pushed carmakers, including GM and Ford, to enter into supply deals with producers as they seek to grow their EV businesses. "}],[{"start":168.86999999999998,"text":"Lithium has also become a tense geopolitical subject, with countries, including the US, intent on reducing their dependence on China, which dominates the battery metals supply chain. "}],[{"start":181.90999999999997,"text":"“Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain,” said chief executive of Lithium Americas Jonathan Evans. "}],[{"start":197.12999999999997,"text":"Jeff Morrison, GM’s senior vice-president of global purchasing and supply chain, said sourcing “critical EV raw materials”, including lithium, from US suppliers would “help us manage battery cell costs, deliver value to our customers and investors, and create jobs”. "}],[{"start":215.49999999999997,"text":"Additional reporting by Kana Inagaki in London "}],[{"start":218.94999999999996,"text":""}]],"url":"https://creatives.ftmailbox.cn/album/176171-1729134057.mp3"}

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GM raises investment in lithium mine to nearly $1bn

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