Transportation
GM Backs Top US Lithium Project With $625 Million Investment
- Deal sends Lithium Americas shares soaring in early US trading
- Automaker is pushing ahead with EVs as rivals pull back
Lithium ore.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
General Motors Inc will commit $625 million toward what’s likely to be one of the biggest US lithium mines, reinforcing the automaker’s efforts to secure supply of the battery metal critical for electric vehicles.
The cash-and-credit funding deal announced Wednesday builds on a $320 million investment that GM made in Lithium Americas Corp. last year. It will be crucial toward the miner unlocking a $2.3 billion funding package the US Energy Department offered in March on a conditional basis.