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Morning Brew Daily
Exxon Drilling for Lithium to Fuel Electric Vehicles
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Exxon is venturing into lithium production to become a major supplier for electric vehicle (EV) batteries. While lithium mining is currently dominated by South America, Australia, and China, Exxon is betting on making lithium in America by drilling in southwest Arkansas. This move aligns with the decarbonization trend and reflects Exxon's forward-thinking approach. The company aims to become the leading supplier of lithium for EVs and plans to supply well over a million EVs per year by 2030. This strategic move not only allows Exxon to diversify its business, but it also indicates the growing importance of lithium as the new 'oil' for the EV industry.
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