General Motors and Lithium Americas have announced plans to make a joint investment to develop the Thacker Pass mine in Nevada. The companies have said that the mine is one of the largest sources for lithium – a raw material used to produce EV batteries.

Under the agreement, GM will make a $650 million (€729.2 million) equity investment in Lithium Americas to produce raw battery materials. Lithium Americas estimates the material extracted and processed as part of its work with GM could help produce up to 1 million EVs annually. The lithium carbonate sourced from Thacker Pass will be used to develop GM’s Ultium battery cells.

Both companies expect production to begin at the mine in the second half of 2026. In connection with the closing of the first of two tranche investments in Lithium Americas, GM will receive exclusive access to Phase 1 production through a binding supply agreement, and will have the right of first offer on Phase 2 production.

The announcement comes as GM begins to ramp up its electrification strategy – with plans to launch a broad portfolio of EVs built on its forthcoming Ultium platform. It has, likewise, announced a number of plants situated across the U.S. dedicated to the production of battery cells and raw materials that will contribute to the new platform.