(Reuters) - Lithium Americas said on Tuesday it has reached a final investment decision (FID) for constructing the first phase of the Thacker Pass lithium mine in Nevada.

The Thacker Pass project is a joint venture between Lithium Americas and U.S. automaker General Motors. Phase 1 of the project is expected to be completed in late 2027.

"Together, we will develop a U.S.-produced lithium supply chain to reduce American dependence on foreign suppliers for critical minerals," said Lithium Americas CEO Jonathan Evans.

Vancouver-based Lithium Americas and General Motors, have each contributed an additional $192 million and $100 million, respectively, in cash to the JV, allowing it to achieve a fully funded status for the development of the project's first phase.

Last year, the U.S. Department of Energy finalized a $2.26 billion loan for Lithium Americas to build the project. The company also had access to $650 million from its JV with General Motors.

Once open, Thacker Pass is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year in its first phase, enough for up to 800,000 electric vehicles.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Alan Barona)