General Motors has announced a $625 million investment in a joint venture aimed at mining for raw materials used in electric vehicle (EV) batteries within the United States. This decision is part of the automaker’s broader strategy to secure its supply chain amid the rapidly evolving automotive industry towards electric mobility.
The specific materials they will be mining for are not disclosed, but it’s known that lithium, cobalt, nickel, and manganese are among the main components used in EV batteries.
The joint venture aims to reduce the dependence on foreign supply and is expected to generate numerous jobs. It also supports GM’s goal to become carbon neutral by 2040 and to phase out gasoline and diesel-powered vehicles globally by 2035. The company’s commitment to this initiative signifies the increasing demand for EVs and the strategic shifts that traditional automakers are taking to compete in this growing market.
