Great Wall secures lithium supply for EV batteries
Great Wall Motor Co. will acquire a 3.5 percent stake in Australian lithium miner Pilbara Minerals to ensure a stable supply of a key raw material for electric vehicle batteries.
The automaker disclosed the investment after China unveiled EV sales quotas that will take effect in 2019.
The quotas are part of the central government’s campaign to phase out vehicles that run on gasoline and diesel fuel.
In a statement to the Hong Kong stock exchange, Great Wall said its stake in Pilbara is worth $22 million (143 million yuan).
Pilbara owns the Pilgangoora Lithium-Tantalum project south of Port Hedland in western Australia, which will begin production in 2018.
China, eager to combat pollution, wants to set aggressive goals for electric vehicles and plug-in hybrids to make up at least 20 percent of Chinese auto sales by 2025.
“(The deal) highlights the strategic importance for the global automotive sector of securing access to large-scale, consistent, high quality sources of battery raw materials in low-risk jurisdictions,” Pilbara CEO Ken Brinsden said in a statement.
The automaker disclosed the investment after China unveiled EV sales quotas that will take effect in 2019.
The quotas are part of the central government’s campaign to phase out vehicles that run on gasoline and diesel fuel.
In a statement to the Hong Kong stock exchange, Great Wall said its stake in Pilbara is worth $22 million (143 million yuan).
Pilbara owns the Pilgangoora Lithium-Tantalum project south of Port Hedland in western Australia, which will begin production in 2018.
China, eager to combat pollution, wants to set aggressive goals for electric vehicles and plug-in hybrids to make up at least 20 percent of Chinese auto sales by 2025.
“(The deal) highlights the strategic importance for the global automotive sector of securing access to large-scale, consistent, high quality sources of battery raw materials in low-risk jurisdictions,” Pilbara CEO Ken Brinsden said in a statement.
