China’s Ganfeng Lithium has signed a deal to supply lithium to Germany’s BMW for five years, as the luxury carmaker accelerates its transition to electric cars.
Ganfeng, which is set to price an IPO in Hong Kong next week, will sell the lithium at market prices and provide as much lithium as Munich-based BMW needs, it said.
It’s the latest sign of efforts by global carmakers to secure the raw materials they need to rapidly expand production of electric cars over the next decade. Lithium is a key ingredient for electric car batteries, along with nickel, cobalt and manganese.
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