General Motors and Livent Announce Lithium Hydroxide Supply Agreement | Financial Buzz

General Motors and Livent Announce Lithium Hydroxide Supply Agreement

General Motors Co. (NYSE: GM) and Livent have reported a multi-year sourcing agreement where Livent will supply GM with battery grade lithium hydroxide made from lithium extracted at Livent’s brine base operations in South America.  Lithium hydroxide is key to GM’s plans to make higher performance, higher mileage electric vehicles.  “We are building a strong, sustainable, scalable and secure supply chain to help meet our fast-growing EV production needs,” said Jeff Morrison, GM vice president, Global Purchasing and Supply Chain. “We will further localize the lithium supply chain in North America over the course of the agreement. In addition, it is aligned with our approach to responsible sourcing and supply chain management and demonstrates our commitment to strong supplier relationships.”

“Importantly, GM now has contractual commitments secured with strategic partners for all battery raw material to support our goal of 1 million units of EV capacity by the end of 2025,” added Morrison.
Paul Graves, president and chief executive officer of Livent commented, “We are excited to begin this long-term relationship with GM, one of the most iconic brands in the automotive industry and a leading force in the transition to electrification. With a shared commitment to sustainability and responsible operations, we look forward to building a broad partnership that will support GM’s electric vehicle strategy, its supply chain goals and the future requirements of its growing EV fleet for reliable, high-performance lithium products.”  

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