Argentina to become automaker BMW’s second lithium supplier after US$334m deal

The BMW automaker, which is focused on accelerating its e-mobility expansion, signed an agreement with the US mining company Livent to purchase Argentine lithium.

RIO DE JANEIRO, BRAZIL – German automaker BMW is making progress in its transition to electric cars and, as part of this process, signed a contract with the US mining company Livent for US$334 million, through which it will buy lithium from the Argentine project the company has in the region of Catamarca.

According to El Cronista, the agreement will make Argentina BMW’s second lithium supplier as of 2022, after Australia.

The BMW Group, which is focused on accelerating its e-mobility expansion, signed an agreement with the US mining company Livent to purchase Argentine lithium. (Photo internet reproduction)

The BMW Group is focused on accelerating its e-mobility expansion and estimates that by 2030, at least half of its global sales will come from all-electric vehicles.

“Argentina occupies a privileged place by providing the lithium we need to achieve the objectives that BMW Group set itself,” said Alexander A. Wehr, president, and CEO of BMW Group Latin America, as quoted by the Argentine media.

The German firm assures that Latin America occupies a strategic place in developing electromobility for BMW Group.

“In the region, hybrid and electric vehicles already represent 10% of our total sales; we have also developed important initiatives focused on infrastructures, such as the electric corridors in Mexico and Brazil”, said the executive.

U.S. miner Livent will supply lithium directly to BMW Group’s battery cell manufacturers starting next year.

Automakers are rushing to develop electric cars amid tightening CO2 emission standards in Europe and China.

Source: America Economia

LEAVE A REPLY

Please enter your comment!
Please enter your name here