Lithium Americas Corp (LAC) Touts Lithium Thacker Pass Project Growth

Lithium Americas Corp. (NYSE:LAC) is one of the green energy stocks with long-term upside potential. The company has reiterated significant progress on the development of its flagship Thacker Pass project in Nevada.

The project, which contains the largest lithium resource needed to power batteries for clean energy, is undergoing noticeable growth every week. The significant progress follows the company’s signing of a strategic investment with General Motors, which has accelerated the construction of Phase 1.

Amid the Thacker project development, Scotiabank analyst Ben Isaacson has reiterated a Hold rating on the stock with a $2.75 a share price target. The positive stance follows the stock rallying by more than 12% over the past month.

As of the end of the second quarter, Lithium Americas had $509.1 million in cash and restricted cash, affirming a robust financial position. However, the company exited the first six months of the year with a net loss of $24.8 million, wider than the $12.8 million loss as of the same period last year. The wider-than-expected net loss following the closing of the Orion Investment and advisory fees.

Lithium Americas Corp. (NYSE:LAC) develops the Thacker Pass lithium project in Nevada to become a domestic supplier of battery-grade lithium carbonate for the electric vehicle (EV) and energy storage industries. The project is being developed in partnership with GM, which owns a 38% interest.

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Disclosure: None. This article is originally published at Insider Monkey.