Key Takeaways Lithium Americas and General Motors have formed a joint venture to extract lithium from the Thacker Pass site in Nevada.GM will provide $625 million in cash and credit and own a 38% stake in the project.

Canadian miner Lithium Americas said on Wednesday General Motors will contribute $625 million to their new joint venture for developing the Thacker Pass project in Nevada. U.S. automakers are ramping up their output of EVs and hybrids and aiming to reduce their reliance on China for battery-related materials in a competitive market.

For its 62% ownership of Thacker Pass, Lithium Americas will contribute $387 million to the JV and act as manager of the project.