FRANKFURT, Germany—German carmakers Volkswagen and Mercedes-Benz struck battery materials cooperation agreements with mineral-rich Canada on Tuesday, intensifying efforts to secure access to lithium, nickel, and cobalt.
The move comes as automakers roll out their electric-vehicle expansion strategies globally in a bid to challenge sector leader Tesla. These strategies depend on sufficient supplies of vital battery materials.
No financial details were disclosed for the memorandum of understanding (MoU) agreements, which were signed in Canada during a visit by German Chancellor Olaf Scholz and a delegation of German corporate representatives.
“The supply of battery raw materials and the production of precursor and cathode materials with a low carbon footprint will allow for a fast and sustainable ramp-up of battery capacity—a key lever for our growth strategy in North America,” outgoing Volkswagen Chief Executive Herbert Diess said….