Bloomberg Law
Jan. 31, 2023, 5:40 PM

GM Pulls Ahead of Rivals in Lithium Race With Mining Foray (1)

Yvonne Yue Li
Yvonne Yue Li
Bloomberg News

General Motors Co.will invest $650 million to develop the largest US lithium deposit, pulling ahead of its rivals in the race to lock in the raw material used in electric-vehicle batteries.

The automotive giant and Lithium Americas Corp. will jointly develop the Thacker Pass mine in Nevada, the companies said in a statement on Tuesday. The deal gives GM exclusive access to the first phase of production, which is expected to begin in 2026 and forecast to supply as many as 1 million EVs per year.

An aggressive shift into EVs by legacy automakers has increased competition to lock ...