First Tesla, now Ford, General Motors and others are moving to secure raw materials directly amid supply chain disruption
For the first time in more than a decade, the cost of an electric car battery is set to rise this year.
So, faced with constraints on their ability to acquire raw materials, automotive companies are planning to take over the buying of vital inputs themselves, rather than leaving it to a vast base of suppliers. Public evidence of Tesla moving up the supply chain has so far been relatively muted. But filings last month showed the EV maker has applied for tax breaks to build a potential lithium refinery in Texas or Louisiana.
Tesla is the industry frontrunner in securing battery raw materials but some incumbent automakers, frustrated by supply chain disruption, have recently stepped up their own efforts to secure resources by going directly to producers. “The fact that the market is tight is a good enough reason for the automakers to look at their supply chains. Before, they had the mindset: ‘we buy batteries but let’s leave buying the battery materials to the battery manufacturers’. That is changing slowly.”
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