General Motors (GM) is increasing its focus on North American investments in lithium and other critical minerals for electric vehicle (EV) production, following a nearly $1-billion investment in the Thacker Pass lithium mine in Nevada.
Earlier this week, GM announced a joint venture with Lithium Americas to develop the Thacker Pass project, which is North America’s largest lithium source.
GM’s investment in the project rose by an additional $325 million, bringing the total to $950 million. This move secures the automaker partial ownership of the mine and guarantees lithium production for at least 20 years.
While Thacker Pass is expected to meet a significant portion of GM’s lithium needs, the company remains open to other critical mineral deals across North America.
Jeff Morrison, GM’s Senior Vice President of Global Purchasing and Supply Chain, emphasized that while the company prefers supply agreements over joint ventures, it is focused on building a reliable, North American-based supply chain.
GM’s goal is not to become a mining company, but to partner with key players to industrialize and ensure long-term success in critical minerals sourcing.
In addition to lithium, GM has agreements for cobalt with Glencore, investments in Queensland Pacific Metals for nickel and cobalt, and a lithium supply deal with Arcadium Lithium.
The automaker also continues to work on its geothermal lithium project with Controlled Thermal Resources in California, despite recent delays.
