General Motors Co (GM) announced that they will invest $625 million in a joint venture to mine for materials used in producing electric vehicle (EV) batteries in the United States. This move is part of GM’s broader strategy to secure the supply chain for their growing EV production.
The joint venture, in collaboration with their undisclosed partner, is aimed at securing the mining and processing of critical EV battery materials, such as lithium, nickel, and cobalt. This will boost GM’s self-sufficiency in meeting the materials demand for its ambitious plan to produce a range of all-electric vehicles.
Moreover, this investment is expected to support jobs and economic growth in the U.S., aligning with the Biden Administration’s goal for a clean energy future.
