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Cobalt could prove major speedbump for EV and battery growth

Volkswagen has failed to secure a 5-year tender supply deal for cobalt, a rare metal used in the production of Lithium-Ion batteries used in Electric Vehicles (EVs). The pushback from suppliers is an indicator of the difficulties automakers will face in securing raw materials for batteries, and will likely cause them to seek out new battery cell chemistries, as they prepare to produce EVs on a mass market scale. VW put off miners by suggesting a price for the tender that was below the current market price for the metal – which currently stands at $62,000 per ton on the London Metal Exchange. Sources familiar with deal said, “VW was being arrogant because they’re automotive and used to doing it.”…

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