Goldman Sachs "White Petroleum" for Lithium prediction is steadily coming true.
Elon Musk realised they need lithium.
VW said, "Lithium will in the near future be one of the most sought-after raw materials on earth.”
Dr Stefan Sommer, group board member for components and procurement at VW, said this means there will be a “rapid increase” in the company’s raw material demand for cell production in the coming years.
“We must make sure we cover this demand at an early stage. Long-term agreements like the one for lithium, a key raw material, that we have just concluded with Ganfeng are therefore of crucial strategic significance for implementing our electric offensive.”
VW has upped its target from 15 million EVs to more than 22 million EVs in the next decade.
Benchmark says that to meet its new target VW will require significant battery cell production – about 1,500 gigawatt hours of battery cells.
Meanwhile, American car giant Tesla is speeding up works at its gigafactory in China, which is expected to be operational by the end of this year.
But Benchmark isn’t expecting lithium-ion battery production to start for at least another 18 months to two years and Tesla is still seeking a battery partner for the facility.
Tesla’s new Model Y EV will be built in the factory in Shanghai.
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