Oil titan Exxon Mobil is venturing into the electric vehicle (EV) industry, looking to supply lithium to leading automakers, according to Bloomberg Law. Talks are underway with major players such as Tesla, Ford, and Volkswagen, among others.
The negotiations also include tech giants Samsung and SK On Co, signalling Exxon’s intent to penetrate the EV battery market.
Last month, Exxon further underscored its commitment to the lithium market by partnering with Tetra Technologies Inc. Together, they will develop over 6,100 lithium-rich acres in Arkansas, highlighting Exxon’s efforts to control vital assets for EV battery production.
This move underscores a growing trend among traditional energy firms, increasingly investing in burgeoning technologies that expand the global supply of this crucial metal for EVs. Reportedly, the automakers involved did not comment on the situation when contacted.