Volkswagen plans to purchase stakes in Canadian mines and mine operators, per an organization director, and has signed a associated MOU with the Canadian authorities.
Why it issues: This could assist the German automaker guarantee entry to uncooked supplies for battery manufacturing, together with nickel, cobalt and lithium. It additionally would assist VW sidestep new U.S. tariffs imposed by the Inflation Discount Act.
Context: Fiat Chrysler guardian firm Stellantis in June purchased right into a lithium manufacturing group, whereas Chinese language EV maker BYD reportedly was in talks to purchase six African lithium mines. Tesla Motors in Might floated the concept of shopping for a mining operation.
The underside line, per Axios’ Ben Geman: “As automakers and policymakers plan for the EV transition and increase investments, the flexibility to supply provides is changing into an intense geopolitical competitors and a logistical knot.”