CHARTS: EV battery metals bill sets new low as lithium, nickel, cobalt price slump continues
The raw materials bill for the average EV is now down to $510 compared to a peak of more than $1,900 at the beginning of last year.
Moroccan mining company Managem SA said on Wednesday it signed a deal to supply French carmaker Renault Group with low carbon cobalt sulphate, a key component for electric vehicle (EV) batteries.
Under this seven-year supply deal, Managem will supply Renault with 5,000 tonnes of cobalt sulfate annually starting from 2025.
Moroccan officials said the country, with the 11th largest reserves, was pushing to increase its cobalt output given higher demand from rechargeable batteries makers.
In January, Managem said it had agreed a deal with Glencore Plc for a proposed refining project at the Bou Azzer mine near Marrakech.
(By Ahmed Eljechtimi; Editing by Bill Berkrot)
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