"In exchange for renegotiating the repayment period of a $2.26 billion Department of Energy loan, the Trump administration is asking for as much as 10% equity in Lithium Americas, a company in which GM is a major investor. Reuters first reported the news Tuesday. "President Trump supports this project. He wants it to succeed and also be fair to taxpayers," a White House official told the news organization. "But there's no such thing as free money." The move would be the latest in a string of negotiations that have given the U.S. government stakes in Intel and MP Materials."
"Lithium Americas is developing the Thacker Pass mine in Nevada. The first phase would produce enough lithium to make as many as 800,000 electric vehicles per year. President Trump approved the permit for the project at the tail end of his first term, and the loan was awarded by the DOE's Loan Program Office under President Biden. GM bought a 38% stake in Lithium Americas last year for $625 million, a deal that also gave the automaker the right to buy the entirety of the first phase of production and 20 years of the second phase."
The Trump administration is negotiating to obtain up to 10% equity in Lithium Americas by renegotiating the repayment period of a $2.26 billion Department of Energy loan. Lithium Americas is developing the Thacker Pass lithium mine in Nevada, with a first phase capable of supplying lithium for up to 800,000 electric vehicles per year and a potential two-phase capacity sufficient for 1.6 million EVs over two decades. GM owns a 38% stake after a $625 million investment and holds rights to purchase first-phase production and 20 years of second-phase output. The permit was approved under President Trump and the loan was awarded under President Biden. The administration is seeking guarantees from GM to buy that production while pursuing policies that limit automaker EV transitions.
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