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VW Hunts for Critical Element Needed in Electric Cars

  • German automaker invites cobalt producers, traders for talks
  • The metal is a critical component in electric car batteries
Bloomberg business news

VW CEO Mueller Spoke About Electric-Vehicle Plans, Sept. 11

Volkswagen AG is stepping up its hunt for long-term supplies of battery metals it will need to help power electric cars across its entire range.

The top automaker invited producers and traders of cobalt, one of this year’s best-performing metals, for talks at its German headquarters this week, people familiar with the matter said. Buying the critical battery component might not be as simple as first thought -- after issuing a tender in September, the firm has since relaxed demands for offers at a discounted fixed price, said the people, who asked not to be identified because the talks are private.