Elsewhere in the EV market, automakers are scrambling to lower battery costs in a bid to catch up with Tesla. General Motors and LG Chem are building a battery factory in the U.S. state of Ohio with an annual capacity of 30 gigawatt-hours, investing $2.3 billion into a 50-50 joint venture.Volkswagen and Swedish battery startup Northvolt are building a 16 GWh battery plant also capitalized 50-50. The German automaker is collaborating with LG Chem, CATL and other battery makers with the goal of introducing about 75 EV models by 2029.The race to create EV batteries has spilled into materials procurement. The supply of cobalt, an essential ingredient, is anticipated to become tight. Automakers, Apple and other consumers of the metal have reportedly taken to negotiating directly with miners to secure long-term, stable supplies. QUOTE. Cobalt demand will grow into 2022 as the EV market explodes IMO.
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