On October 16, 2024, Lithium Americas Corp. (TSX: LAC, NYSE: LAC) and General Motors Holdings LLC ("GM") established a joint venture (JV) to develop the Thacker Pass lithium project in Nevada. The JV included GM’s investment of $625 million USD (approximately CAD 850 million), comprising $430 million USD (around CAD 585 million) in direct cash and a $195 million USD (approximately CAD 265 million) letter of credit facility. This investment replaced GM’s previous $330 million USD (approximately CAD 450 million) equity commitment under the Tranche 2 agreement from January 2023. Additionally, GM secured a 38% ownership stake in the Thacker Pass project and extended its offtake agreement to 20 years. Lithium Americas retained a 62% interest in the project, contributing $387 million USD (approximately CAD 525 million) towards development. The U.S. Department of Energy’s (DOE) conditional $2.3 billion USD (about CAD 3.1 billion) loan for the project complemented the JV investment, aiming to support a domestic EV battery supply chain. Goldman Sachs, Evercore, and BMO Capital Markets served as financial advisors to Lithium Americas, with Vinson & Elkins and Cassels Brock & Blackwell as legal counsel. Morgan Stanley advised GM, while Mayer Brown and Osler, Hoskin & Harcourt acted as legal counsel to GM. The JV aimed to finalize investment decisions and proceed with full-scale project development by the end of 2024.