U.S. auto giant Ford Motor Co. has followed in the footsteps of Tesla and Korea’s LG Energy Solution after striking a deal with Australia’s Liontown Resources for the lithium supply for the next five years.
The move comes as automakers scramble to secure the supply of the valuable commodity as the global pursuit of net-zero pushes up demand for the critical mineral, which has driven prices to new heights.
On June 29, the Western Australia-based Liontown announced that a five-year deal had been finalised with Ford Motor for the supply of 75,000 dry metric tons of spodumene concentrate in the first year, followed by 125,000 tons in the second year and 150,000 per annum in the remaining three years. Spodumene concentrate is a source of lithium important for EV battery development….