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☆ GM to spend $19 billion through 2035 to source EV battery materials from LG Chem
▼ + stars: | 2024-02-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

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

[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.

☆ This lithium stock can rally nearly 40% thanks to the EV boom, according to Piper Sandler
▼ + stars: | 2022-09-26 | by ( Pippa Stevens | ) www.cnbc.com time to read: +3 min

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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