Exxon seeks to become leading lithium producer for EVs (Video)

let's talk about Exxon here because it's another big name that H that we have our eyes on here this morning the oil giant has set its sights on the dominating the EV lithium Market the company saying it will start producing battery grade lithium at its Arkansas drilling site and by 2030 aiming to meet the manufacturing needs of more than a million EVS annually the US is currently heavily relying on imports from South America to meet its lithium needs and guys we've been talking about this time and time again just the shortage and what is available here when we talk about the migration the mass adoption that we are eventually expecting when it comes to Eves it seems like a long way out we have seen a lot of these automakers delay some of their plans in terms of uh EV production here by a couple of years but certainly this is a step here at least in the right direction securing some more uh lithium obviously and very much needed it's tough to recall an earnings call this year that Elon Musk has not talked about lithium mining need and how critical that is for for clean energy as well as just making sure that his company Tesla can sell electric vehicles in the future too so it certainly helps him out but in some of the key call outs here for what this energy transition is going to look like the first production is targeted for 2027 the domestic sourcing that's going to contribute to energy security Exon Mobile is saying here supporting manufacturing and advancing some of the US climate policy initiatives and then additionally here this is attempted and expected to unlock vast amounts and supplies of lithium in North America so Exon Mobile coming out this morning finally meeting the call that Elon Musk put out months ago saying hey we need people to make sure that they are mining for more lithium making sure that they're bringing that into the landscape and Exon Mobile responding this more morning with a we got your brother good call by uh Exon CEO Darren woods with this initiative just at a time where EV prices are falling and people are saying they don't necessarily want EV so Daren Woods clearly hit a home run