General Motors Company GM has entered into a joint venture (JV) with Lithium Americas Corp. LAC. Per the JV, the automaker will supply $625 million in cash and credit to the Canadian mining company. The partnership focuses on developing,

US carmaker seeks to secure supply of metal expected to suffer shortfalls because of rising demand in switch to EVs

Lithium Americas (NYSE:LAC) +19.4% pre-market Wednesday after announcing a new investment agreement with General Motors (GM) to establish a joint venture for the construction and operation of Thacker Pass in Nevada.

Canadian miner Lithium Americas said on Wednesday General Motors will contribute $625 million to their new joint venture for developing the Thacker Pass project in Nevada. U.S. automakers are ramping up their output of EVs and hybrids and aiming to reduce their reliance on China for battery-related materials in a competitive market.

General Motors (GM) will acquire a 38% stake in Thacker Pass for a total of $625m, with $430m in cash to aid Phase 1 construction.