BMW Ready to Sign Long-term Lithium Supply Deal

lithium free investors report

German carmaker BMW (ETR:BMW) is close to signing a 10-year supply deal for lithium and cobalt, key elements used in electric car batteries.

The deal comes at a time when automakers are looking to secure long-term supply of crucial battery metals to ensure mass production of electric vehicles (EVs) in the coming decades. 

“The aim is to secure the supply all the way down to the level of the mine, for 10 years. The contracts are ready to be signed,” Markus Duesmann, procurement chief, told Germany’s Frankfurter Allgemeine Zeitung.

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EVs are expected to account for 54 percent of new car sales by 2040, BNEF says. According to Benchmark Mineral Intelligence, in order to fulfill this Continue Reading

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