Author Topic: Exxon in talks with Tesla, Ford, VW on supplying lithium  (Read 1098 times)

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Exxon in talks with Tesla, Ford, VW on supplying lithium
« on: August 06, 2023, 10:30:33 am »
American Military News by Ari Natter, Yvonne Yue Li and Joe Deaux - Bloomberg News  August 05, 2023

Exxon Mobil Corp. is in talks with Tesla Inc., Ford Motor Co., Volkswagen AG and other automakers about supplying them with lithium as the oil giant works to build a business around the crucial battery metal, according to people familiar with the matter.

Exxon is one of several oil and gas companies seeking to expand into lithium production to take advantage of surging demand for use in electric-vehicle batteries, and as a way of diversifying beyond fossil fuels. The talks with potential customers are still early stage, and the company has yet to lay out its plans for potential lithium operations. However, the discussions are the latest sign of Exxon’s growing interest in the lithium business.

Exxon, which has set a goal of extracting 100,000 tons of lithium per year, is exploring a 10-acre site in Arkansas and recently began drilling wells there, but has yet to decide if it wants to produce it on its own or partner with others, according to one of the people.