GM Enters Agreement to Buy Cobalt from Glencore Plc
GM reported it had agreed to a multiyear deal for cobalt from Glencore’s Murrin Murrin mine in Australia.
Wikipedia
General Motors entered an agreement to buy cobalt from Glencore Plc, the top supplier of a key material used in EV batteries.
Concerns are mounting over supply crunches of crucial battery metals like lithium, nickel and cobalt as the auto industry readies itself to roll out more electric vehicles.
Lithium prices have hit record highs while nickel was up 250% at one point last month.
GM reported it had agreed to a multiyear deal for cobalt from Glencore’s Murrin Murrin mine in Australia. Neither company gave details on volumes or prices included in the partnership.
GM plans to build 1 million EVs a year in North America by the end of 2025.
The rapid push toward EVs has increased demand for battery metals as the pandemic exacerbates supply constraints, and higher prices threaten auto manufacturer’s margins.
Glencore has similar cobalt supply agreements with Tesla and BMW. Vale SA and BHP Group have struck nickel deals with automakers.
Originally posted on Auto Dealer Today
More Industry
RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →