Lithium Americas announced that General Motors had agreed to delay its additional US$330 million investment in the company until the end of 2024. This investment is part of GM’s broader US$650 million commitment, made in January 2023, to support the development of the Thacker Pass lithium project in Nevada.

The first tranche of the investment was completed in February 2023. Lithium Americas is currently exploring alternative structures for the second tranche of funding and extended the deadline for closing the deal to December 20. If the deal is not finalized by that date, Lithium Americas will need to grant GM additional rights. GM stated that the investment will help ensure the project’s successful completion.

The second tranche of funding is also dependent on finalizing a US$2.26 billion loan from the U.S. Department of Energy. Miners are pushing to complete agreements before the 2024 U.S. presidential election due to potential policy changes.