Stellantis Inks Deal For EV Battery Production

Author: Anusuya Lahiri | October 10, 2022 07:18am

Stellantis N.V. (NYSE:STLA) and GME Resources Ltd (OTC:GMRSF) forged an agreement for the future sale of quantities of battery-grade nickel and cobalt sulphate products from the NiWest Nickel-Cobalt Project in Western Australia.
NiWest is an advanced nickel-cobalt development project and will produce 90,000 tons per annum of battery-grade nickel and cobalt sulphate for the burgeoning electric vehicle market.
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The proposed location of the processing facility for NiWest is within approximately 30 kilometers of Glencore-owned Murrin Murrin operation, the most significant nickel-cobalt process in Australia.
Stellantis plans to reach 100% of the passenger car battery electric vehicle (BEV) sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in the U.S. by 2030.
Maxime Picat, Stellantis' Chief Purchasing and Supply Chain Officer, said, "Securing the raw material sources and battery supply will strengthen Stellantis' value chain for electric vehicle battery production and, equally important, help the Company achieve its aggressive decarbonization target."
In September, Stellantis and Uber Technologies, Inc (NYSE: UBER) collaborated with Free2Move to help Uber's plans to convert 50% of its fleet of vehicles in France over to electric models.
Price Action: STLA shares traded lower by 0.5% at $11.87 in the premarket on the last check Monday.
Photo Via Company