GM to invest $625 million in joint venture to mine EV battery raw materials in U.S.

General Motors (GM) is planning to invest $625 million in a joint venture to mine for raw materials needed for electric vehicle (EV) batteries within the U.S. The joint venture will engage in the exploration, development, and processing of domestically-sourced raw materials for EV batteries, such as nickel, cobalt, lithium, and graphite among others. This investment signals GM’s commitment to the electric vehicle market and the importance of securing reliable and sustainable sources of key minerals needed for EV production. It also underlines the industry’s shift towards domestic sourcing to reduce reliance on imports and enhance supply chain security. Specific details about the location or timeline of the venture have not been disclosed yet.