Toyota and Panasonic sign lithium deal to produce EV batteries in the US

Prime Planet Energy & Solution (PPES), the joint venture formed by Toyota and Panasonic in 2020, struck a deal with ioneer Ltd to buy lithium produced at the Rhyolite Ridge mining project, Nevada.  PPES will buy 4,000 tonnes of lithium carbonate from ioneer per year for five years to be used in manufacturing electric vehicle (EVs) battery parts for the US EV market.  According to Reuters, the agreement with the Japanese automotive and electronics giants is solely based on the commitment to use the lithium supplied in the US market. Thus, ioneer has become a direct rival for the Chinese EV battery giant CATL, which has announced its plans to establish a $5 billion battery plant in North America in March.  For PPES, the agreement is a first step in securing lithium supplies in the US, which will help the company to produce around 150,000 EV batteries…

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