Inspenet, August 5, 2023.
ExxonMobil Corp. is in talks with Tesla Inc., Ford Motor Co., Volkswagen AG and other automakers to supply them with lithium. The oil company is working on building a business focused on the key component of electric vehicle batteries, according to a source with direct information.
These negotiations are at an early stage and also involve battery giants Samsung and SK On Co., according to the sources, who requested anonymity due to the confidentiality of the information. Representatives for Exxon, SK On and Volkswagen declined to comment, while messages sent to Tesla, Ford and Samsung went unanswered.
Actions by ExxonMobil
Last month, Exxon reached an agreement to develop more than 6,100 acres of lithium-rich land in Arkansas with Tetra Technologies Inc., marking its second foray this year into acquiring assets needed to produce the metal used in the batteries of electric vehicles.
Exxon is experiencing rapid growth in the lithium industry, fueled by increasing interest from energy companies and other players in emerging technologies seeking to increase the global supply of this ultra-light metal.
The relevance lies in the fact that the oil giant is carrying out a project in collaboration with Tetra Technologies Inc. to develop more than 6,100 acres of lithium-rich land in Arkansas for the purpose of producing the metal used in electric vehicle batteries. This entry into the lithium market is part of its efforts to adapt and actively participate in the growing sector of electric mobility.
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