The global electric vehicle (EV) landscape is accelerating rapidly, with fierce competition emerging across the industry chain. Major automakers are ramping up R&D investments and production capacities to stay ahead in this fast-evolving market. Particularly, the race for raw materials has intensified, with demand for cobalt surging significantly. Industry experts have raised concerns that critical materials may face supply shortages, prompting companies to secure long-term access to these essential resources.
Geely Group recently made headlines by acquiring 9.69% of voting shares in Daimler AG through its overseas entities. The deal, which still requires approval from Chinese regulators, signals a strategic move to strengthen collaboration and gain access to advanced technologies. This acquisition is seen as a step toward enhancing Geely’s position in the EV sector and leveraging Daimler’s expertise in electric mobility and digital services. Li Shufu, chairman of Zhejiang Geely Holding Group, emphasized the importance of cooperation and shared innovation in driving future growth.
As global policies continue to favor clean energy and consumer demand for EVs rises, automakers are increasingly focusing on securing key raw materials like lithium and cobalt. Prices for these materials have surged over the past few years, with cobalt tripling in value over two years and lithium prices more than doubling since 2015. Companies such as BMW, Volkswagen, and Toyota are actively negotiating with mining firms to ensure stable supply chains.
In addition to partnerships, major automakers are also investing directly in raw material production. For example, Toyota Tsusho acquired a stake in Australian lithium miner Orocobre to boost lithium carbonate output. Meanwhile, Tesla is reportedly in talks with SQM, a leading Chilean lithium producer, to secure a reliable supply of battery materials. These moves reflect a growing trend of automakers taking control of their supply chains to support ambitious EV expansion plans.
Collaboration between automakers is also on the rise. BMW announced plans to build an electric MINI in China in partnership with Great Wall Motor, while Nissan and Toyota are making significant investments in China's EV market. Japanese automakers are expanding their presence in the region, with Toyota aiming to increase EV sales tenfold by 2030.
Government policies play a crucial role in shaping the EV industry. France, for instance, is launching one of Europe’s largest electric bus tenders, aiming for full coverage of clean energy buses by 2025. Germany is also considering restrictions on fuel vehicles, though officials aim to avoid outright bans, instead focusing on electrifying public transport. The EU has also introduced financial incentives, including the "Electric Vehicle Battery Innovation Award," to encourage sustainable battery development.
With the EV market expected to grow exponentially in the coming years, securing raw materials and fostering international cooperation will be key to sustaining this momentum. As the industry evolves, companies that adapt quickly and invest strategically will likely lead the next phase of automotive innovation.
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