76787
BMW Joins Race to Secure Cobalt for EV Batteries
BMW Joins Race to Secure Cobalt for EV Batteries

BMW Joins Race to Secure Cobalt for EV Batteries

BMW Joins Race to Secure Cobalt for EV Batteries

With one eye on accelerating demand for electric vehicles, BMW AG said it is talking to suppliers of cobalt and other battery materials amid fears that stocks will run short and push already inflated prices higher.
Sourcing of cobalt and other materials is “the most important” question BMW has to address before it decides whether to produce its own battery cells, board member Oliver Zipse said at a media briefing. Currently BMW assembles, but does not produce its own battery cells, Bloomberg reported.
Zipse’s comments come a day after Bloomberg reported Volkswagen AG invited producers of cobalt for talks at its German headquarters this week. Cobalt, one of the year’s best-performing metals, is a main chemical used in electric car battery cells, along with nickel and magnesium. Zipse declined to go into details of the discussions with suppliers.
More than one-half of the world’s cobalt is sourced from the Democratic Republic of Congo, and long-term demand is expected to outpace supply due to the rise of electric vehicles.
Securing long-term access to the material will be crucial for car-makers like BMW, who on Friday also announced a 200 million-euro ($237 million) investment into a new battery prototype center in Munich.
“For all these elements we have a detailed strategy for the future that secures our volume need as well as the origin and the type of production, so that we can obtain it in good conscience,” Zipse said.

Short URL : https://goo.gl/5Je1s2
  1. https://goo.gl/tFiogW
  • https://goo.gl/ifTMWj
  • https://goo.gl/HTWvvd
  • https://goo.gl/6RdpBZ
  • https://goo.gl/wBwpHz

You can also read ...

IMF Pledges Continued Work With Central Bank of Iran
More than a week after US Treasury Department blacklisted...
The Sartak-Pishta border gate between the Kurdistan Regional...
Billet Export Prices Increase
Iranian export steel billet prices picked up in the week ended...
More Grain Shipments to Iran
For transport and logistics industry experts, spring is always...
Foiling US Sanctions on Iran: The EU Blocking Regulation
The EU has announced its intention to protect European...
Majlis Forex Options Still on Agenda
Chairman of Majlis Economic Commission said on Tuesday a...
The GDPR clarifies and strengthens existing individual privacy rights.
New European privacy regulations that were to go into effect...
Bank Lending to Economic Sectors Up 14 Percent
Iranian banks and credit institutions allocated 257.2 trillion...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus