Exxon makes lithium play in long-term bet on EV demand

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Updated November 13, 2023 10:02 a.m. ET

Exxon mobile It said Monday it is starting to drill for lithium in Arkansas and aims to become a major US supplier to electric vehicle battery makers by 2030.

The Texas-based oil company’s foray into the lithium business, first reported by The Wall Street Journal in May, is an effort to reposition itself for the long term for customers of EVs and electrification in the transport sector, which he had for decades as one. of the world’s largest fuel producers. Lithium is a key ingredient in making batteries for EVs, cell phones and laptops.

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