Chinese electric vehicle maker BYD deployed an engineering team to Chile this week to kick-start a massive lithium processing plant, part of a broader investment shift from electric vehicle makers around the world to compete for limited access to critical minerals.
BYD first announced its $290 million investment in April to build out its new lithium carbonate processing facility, slated to be located in the Chilean north. The investment in the new facility is a strategic departure from BYD, which processes the vast majority of its materials in China.
"This is the best chance we have at transitioning to a sustainable and developed economy. We can't afford to waste it," Boric said of Chile's lithium reserves, which are the largest in the world, during a televised address in April. The shift to purchasing stakes directly in mining companies, or to secure binding offtake agreements, has also taken off in the United States.
And in January, General Motors announced a conditional $650 million investment in Lithium Americas’s Thacker Pass mine in Nevada, giving it exclusive rights to the lithium extracted from the mine once production begins.The agreements are part of a broader recognition within the auto industry that the amount of available EV minerals is shrinking, and fast, as demand for EVs is expected to grow exponentially by 2030.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The BYD Atto 3 Has Launched In South Africa, Starting At Just R768,000 ($40,941) - CleanTechnicaThe BYD Atto 3 represents a significant step towards achieving a cleaner and more sustainable transportation sector in South Africa, and a greener mobility solution across different industries worldwide.
Read more »
Tesla smashed it last quarter but China's BYD did even better | CNN BusinessBYD outpaced Tesla in the second quarter as the Chinese carmaker posted record sales of hybrid and electric vehicles.
Read more »
BYD launches its most direct Tesla competitor yetBYD's Denza brand revealed Monday its new N7 electric SUV comes with features and a price that rival Tesla's Model Y.
Read more »
Tesla, BYD's China deliveries hit record high in Q2U.S. automaker Tesla and its chief Chinese rival BYD achieved record deliveries of their China-made vehicles in the second-quarter, China Passenger Car Association (CPCA) data showed, as a fight for market share heats up.
Read more »
Yellen will travel to Beijing this week to meet with top Chinese officialsTreasury secretary will attend meetings in Beijing from July 6-9
Read more »
New documentary shot in Moose Jaw provides 'unfiltered lens' into Chinese historyRegina\u0027s Weiye Su has joined forces with the National Film Board on a documentary, Passage Beyond Fortune, which was shot in Moose Jaw.
Read more »