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Race to Secure Battery Metals Heats Up as GM, Ford Ink Deals

Carmakers are scouring the world to diversify their supplies of raw materials needed to power EV fleets.

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GM Secured Enough Material to Build 1 Million EVs by 2025: CFO
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Undeterred by the slowing global economy, buyers of key components in the powering of electric vehicles are stepping up efforts to lock in supplies, with two of the world’s biggest automakers signing direct deals with producers of so-called battery metals.

General Motors Co. announced three deals Tuesday for supplies of raw materials needed to build a million EVs a year. Less than a week ago, Ford Motor Co. revealed a list of suppliers of inputs ranging from Argentine lithium to Indonesian nickel — enough to build 600,000 EVs a year.