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The automaker's investment will go toward building a battery plant in the U.S. The new company will further develop and expand the local supply chain of lithium-ion automotive batteries.
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A new battery plant is targeted to start by Q1 2024 and will supply Stellantis facilities across the U.S., Mexico, and Canada.
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While BMW uses VC funding to extract lithium for battery cells, GM partners up with another company to source rare earth materials to manufacture EVs.
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The company has invested in and is working with a number of battery suppliers to secure capacity and scale delivery for next-generation Ford and Lincoln battery electric vehicles.
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Rising global demand for electric vehicles and economic energy storage systems has led to projections showing an orders-of-magnitude increase in demand for lithium.
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The company will source lithium from a second leading supplier, US-based Livent.
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