German car behemoth Volkswagen said Friday it had secured 10 years' worth of lithium for electric car batteries from Chinese manufacturer Ganfeng, ensuring supply of a key ingredient for the vital components.
The two firms "signed a memorandum of understanding (MoU) on long-term lithium supplies for battery cells," VW said in a statement, although it did not reveal the financial terms of the deal.
Volkswagen - Share - Lithium - Requirement - Group
"Volkswagen is thus already securing a significant share of its lithium requirement," the Wolfsburg-based group added.
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