General Motors Secures Battery Mineral Supply Deal with Element 25

General Motors Company

General Motors Company Stock Forecast:

According to a forecast from 13 analysts, the average target price for General Motors Company (GM:NYE) over the next 12 months is USD 48.92. The average analyst rating for GM is “Buy.” However, Stock Target Advisor‘s own analysis rates GM as “Neutral” based on 7 positive signals and 6 negative signals. The last closing price of GM’s stock was USD 36.18. Over the past week, the stock price has changed by -4.69%. In the past month, it has increased by +11.63%, and over the last year, it has grown by +3.91%.

General Motors Co. News:

General Motors Co (GM:NYE) has taken a significant step towards securing the supply of essential battery minerals for its North American electric vehicle (EV) production. Element 25, an ASX-listed mining company, announced that it has entered into an agreement with GM to supply manganese sulphate from a new facility in Louisiana. This partnership marks an important milestone as the automotive industry continues its rapid shift towards electric mobility.

As the demand for electric vehicles surges, automakers are increasingly focused on securing a stable supply of battery minerals, which are essential for producing lithium-ion batteries. Manganese is a critical component in battery cathodes, providing stability and improved performance. Recognizing the importance of a reliable supply chain, GM has proactively sought partnerships to ensure a consistent source of battery-grade manganese sulphate.

General Motors will purchase up to 32,500 tonnes of manganese sulphate annually from Element 25 over a seven-year period. This long-term commitment demonstrates GM’s dedication to establishing a sustainable supply chain for its electric vehicle production. To support the construction of the new facility, GM will provide Element 25 with an $85 million loan, enabling the ASX-listed miner to partially fund the project.

Element 25 plans to invest approximately $290 million in total to build the new facility in Louisiana. The facility is scheduled to commence operations in 2025, strategically aligning with GM’s growing electric vehicle lineup. The project’s scope encompasses the production of battery-grade manganese sulphate, meeting the stringent quality standards required for advanced lithium-ion batteries used in electric vehicles.

 

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