Ford Motor Co. reached a series of agreements to stock up on lithium of projects located from Chile to Canada, which adds to theexisting contracts that secure the supply of key metals for batteries.
He American manufacturer of automobiles will receive lithium products from companies such as the Chilean SQM —the second world‘s largest producer of the material—, Canada’s Nemaska Lithium and Energysource Minerals, according to separate announcements released Monday.
Deals occur before the start of the second day of an event with investors organized by ford which focuses on the plan US$50,000 million of the company for electric models.
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Automakers have stepped up their efforts to secure future sources of key metals needed for electric vehicle batteries due to concerns about a possible shortage supply of some materials, and in the midst of the sharp recent changes in costs.
consumers like Ford y General Motors Co. have included prepayments or loans in recent deals to help speed development of new projects.
Ford will build a battery plant in the US with a Chinese partner.
In March, Ford agreed to acquire a direct interest in a nickel plant for batteries being built in Indonesia, and last year it sealed a deal with Liontown Resources Ltd., developer of an Australian lithium mine.
Executive Director, Jim Farleyseeks to use the two-day event with investors in Dearborn, Michigan, to convince them of the merits of a strategy to raise annual electric vehicle production to 2 million by the end of 2026.