#GM to take equity stake in #Australian mining company
WASHINGTON, Oct 11 (Reuters) – General Motors Co. said on Tuesday it will invest up to $69 million and take an equity stake in Queensland Pacific Metals to secure a new source of nickel and cobalt for battery cells for use in the U.S. automaker’s vehicles.
GM said the investment will help support electric-vehicle eligibility for consumer incentives under new, clean energy U.S. tax credits. GM said the nickel laterite ore is expected to be processed using a new, proprietary process that helps reduce waste.
Read more at: https://www.reuters.com/business/autos-transportation/gm-take-equity-stake-australian-mining-company-2022-10-11/
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