Federal election 2022: Australia’s move away from China with electric car manufacturing

From the article:

Scott Morrison will announce $243m in grants for manufacturing projects that will enable Australia to seize on the rise of electric vehicles and reduce global reliance on China for a crucial rare earths material needed to make them.

In a speech to the Western Australian Chamber of Commerce and Industry, the Prime Minister will on Wednesday outline funding for major private projects that produce critical minerals or are involved in manufacturing batteries.“These projects are about manufacturing the products and materials Australians need and the world needs, by making them right here at home,” Mr Morrison said.

Link: https://www.news.com.au/technology/innovation/federal-election-2022-australias-move-away-from-china-with-electric-car-manufacturing/news-story/ed1c4edecaa751180a9f28b326dbc26c

Could see jump in price tomorrow in relation to this article. A kickstart to the electric car manufacturing industry in Australia could see further strengthening of demands for cobalt, further promoted by the attempt to reduce reliance on China. the 243M grant is apart of the 1.4B modern manufacturing Initiative.

Modern Manufacturing Initiative(MMI): https://www.industry.gov.au/news/modern-manufacturing-initiative-and-national-manufacturing-priorities-announced