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DETROIT – General Motors plans to spend $19 billion over roughly the next decade to source critical materials for use in electric vehicle batteries from LG Chem, the companies said Wednesday. The long-term supply contract will see LG Chem supply GM with more than 500,000 tons of cathode materials – include nickel, cobalt, manganese, aluminum – from 2026 through 2035, the South Korean supplier said in a release. LG Chem said it aims to "bolster cooperation with GM in the North American market" through the deal. Jeff Morrison, GM vice president of global purchasing and supply chain, said the "contract builds on GM's commitment to create a strong, sustainable battery EV supply chain to support our fast-growing EV production needs." The contract is likely one of the largest, if not the largest, EV supply deals that GM has signed.
Persons: LG Chem, Jeff Morrison Organizations: DETROIT, Motors, LG Chem, South, LG, GM, EV Locations: Tennessee, North America
Read previewThe race is on to find the wreckage of Amelia Earhart's ill-fated final flight. Tony Romeo and his company, Deep Sea Vision, discovered an object of similar size and shape to Amelia Earhart's iconic plane, deep in the Pacific Ocean. Deep Sea VisionRomeo says he may have solved the mystery with his sonar scans. The same aircraft radio receiver used by Amelia Earhart was recreated by Nauticos as they researched Earhart's final transmissions. Deep Sea Vision now leases its equipment to other ocean explorers to continue funding its mission.
Persons: , Amelia Earhart's, Tony Romeo, Earhart, Fred Noonan, Romeo, he's, we've, there'll, it'll, Lockheed Electra, Nauticos, Jeff Morris, Amelia Earhart, Morris, I'm, David Jourdan, Tony, You'll Organizations: Service, US Air Force, Business, Smithsonian, Lockheed, Lockheed Electra, Coast Guard, Topical Press Agency, Getty Locations: South Carolina, Howland, Hawaii, Australia, Connecticut, Itasca, Howland Island, Norwegian, Kongsberg
TikTok pushed back on Thursday against growing claims in recent weeks that it had failed to to protect Jewish users and had pushed pro-Palestinian content in the United States. Many social networks have come under criticism for spreading misinformation and hate speech during the Israel-Hamas war. TikTok has the added scrutiny of being owned by the Chinese company ByteDance. While Beijing has pitched itself as a neutral broker in the dispute, a surge of antisemitism and anti-Israeli sentiment is proliferating across the Chinese internet and state media. The company said it started offering such data to academic researchers and will include other groups in the future.
Persons: TikTok, Jeff Morris Jr, Israel hashtags, Israel, , Marco Rubio, Rubio, Morris’s, ” TikTok, standwithisrael, Morris didn’t, Amy Schumer, Michael Rapaport, Debra Messing, Yaël, Eisenstat Organizations: Twitter, Jewish, Defamation, Defamation League Locations: United States, Israel, Beijing, Florida, China
Creator Rosie Nguyen started Fanhouse in 2020 with two other cofounders. Nguyen explains what she would do differently as a founder if she were building the startup today. Nguyen launched Fanhouse in 2020 as a subscription platform for creators to monetize, share exclusive behind-the-scenes content, and connect with top fans. The added investments helped Fanhouse in many ways, like hiring more staff and paying creators more money through the platform. She'd also tap into equity crowdfunding like creator startup Gumroad did.
Persons: Rosie Nguyen, Fanhouse, Nguyen, Lucy Guo, @jasminericegirl, Khoi Le, Jerry Meng, VCs, Jeff Morris Jr, Andreessen Horowitz, She'd, she'd, Le, Meng, shouldn't Organizations: Twitter, Investors, didn't Locations: American, Los Angeles, Fanhouse, VCs
[1/2] The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Many teem with lithium, calcium and other minerals, and DLE technologies aim to separate out the lithium and leave the rest. LITHIUM METAL FROM BRINEEnergyX has said its technology can make lithium metal directly from brine, a tantalizing prospect for GM that could let the automaker bypass lithium refining, which is widely seen as a key supply chain bottleneck. The EnergyX investment comes after GM in January agreed to pay $650 million to become the largest shareholder in Lithium Americas Corp (LAC.TO), which is developing the Thacker Pass clay lithium project in Nevada. "This GM investment will completely change the trajectory of EnergyX," said Teague Egan, the startup company's founder and chief executive.
Driving the firm's bullish case is the disconnect between supply and demand for lithium, a critical EV material. Piper believes the market will remain in a deficit for at least the next three to four years, and potentially longer, "which will help sustain lithium pricing." Shares of Livent slid nearly 12% last week, but the stock has still registered a 25% gain for 2022. The firm believes that any pullback in auto sales would be focused on internal combustion engines rather than electric vehicles. "We will further localize the lithium supply chain in North America over the course of the agreement," GM added.
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