Exxon's Lithium Investment for Future EV Demand
【Summary】Exxon Mobil is drilling for lithium in Arkansas to become a major U.S. supplier for electric-vehicle batteries by 2030. This move is aimed at repositioning the company for the growing demand for EVs, as lithium is a crucial component in battery production. The U.S. is trying to reduce its reliance on China, the global leader in lithium processing.
China, known for its leadership in processing lithium, is taking significant and risky steps to secure raw lithium from Latin America and Africa. In response to this, the United States is now working on developing its own lithium supply to reduce its dependence on China. A photo illustration by Jamie Leventhal accompanies this news article.
Exxon Mobil, a Texas-based oil company, announced on Monday that it has begun drilling for lithium in Arkansas. The company aims to become a major supplier of lithium for electric-vehicle battery manufacturers by the year 2030. This move by Exxon Mobil is a strategic decision to position itself for the long-term future of electric vehicles and the electrification of the transportation sector. For decades, Exxon Mobil has been a dominant player in the fuel industry. Lithium is a crucial component in the production of batteries for electric vehicles, cellphones, and laptops.
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