Shulou(Shulou.com)11/24 Report--

CTOnews.com, August 1 (Xinhua)-- Lithium is one of the metals that need to be mined as the demand for batteries increases with the rise of electric vehicles. But the price of lithium is so volatile that carmakers and battery makers are trying to get more supply at more stable prices.

ExxonMobil is in early talks with automakers such as Tesla, Ford and Volkswagen to provide it with lithium for electric vehicles, according to Bloomberg Law.

ExxonMobil, an oil producer, has been looking to enter the lithium business as the electric car revolution threatens its business and has rights to lithium resources in a promising area of Arkansas. ExxonMobil is looking for buyers to support its push into lithium mining and has set a target of 100000 tons of lithium a year. Arbor is said to be one of the lithium producers ExxonMobil is negotiating.

In addition to Tesla, Ford and Volkswagen, ExxonMobil also held talks with battery makers Samsung and SK, the report said.

CTOnews.com noted that Darren Woods, ExxonMobil's chief executive, said on an earnings call last week: "dealing with brine and extracting lithium is very consistent with a lot of what we do at refineries and chemical plants, in fact, in some of our upstream businesses."

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