#GM signs #Cobalt deal with #Glencore as rush for battery metals intensifies

Posted on April 13, 2022 by Nanthakumar Victor Emmanuel, P.Eng. COO, CVMR Corporation Leave a comment

April 12 (Reuters) – General Motors Co said on Tuesday it would buy cobalt from miner Glencore PLC to use in its electric vehicles (EVs), as automakers around the world scramble to stock up on the critical raw material amid supply chain disruptions.

Global automakers, ranging from EV leader Tesla Inc to Volkswagen are splurging billions of dollars on developing vehicles for a market that could be worth $5 trillion over the next decade.

However, metals to make batteries that last longer hard to come by due to supply chain disruptions, which has led to automakers rushing to secure supplies of lithium, nickel and cobalt.