More and more car manufacturers are stocking up on battery metals

New York, Zurich, Tokyo It’s a deal that makes people sit up and take notice: The US automaker General Motors has signed a multi-year supply contract for the battery metal cobalt with the Swiss raw materials group Glencore. The metal is said to come from an Australian Glencore mine, the Handelsblatt learned on Tuesday in advance.

With the deal, GM wants to secure the long-term supply of raw materials for its electric models such as the Chevrolet Silverado or the electric version of the Hummer off-road vehicle. The companies did not provide any information about the details of the supply contract.

Jeff Morrison, GM’s chief procurement officer, says: “GM and its suppliers are building an e-mobility ecosystem focused on the safe and sustainable sourcing of key raw materials.” Ash Lazenby, cobalt trader and responsible for US Markt, adds: “Future-oriented raw materials such as cobalt play a central role in the decarbonization of energy consumption and the electric vehicle revolution.”