Neo Performance Materials of Canada announced a deal to begin mining in Greenland for the metals, which are a key component for electric cars.
The new climate, tax and health law signed by President Biden extends a credit for electric vehicle buyers. But there are new strings attached that kick in at different times.
Getting off fossil fuels can bring price stability and significant savings, but consumers may also face “greenflation.”
Carmakers may need several years to revamp their supply chains to meet new rules, but the legislation is still seen as a win for electric vehicles.
Demand for electric vehicles has been far stronger than the supply of battery materials like lithium, nickel and cobalt.
The maker of luxury electric cars that hopes to challenge Tesla struggled to get parts and build vehicles in the second quarter.
Tesla said it expected capital expenditures to be $6 billion to $8 billion in 2022, up from an April forecast of $5 billion to $7 billion.
Ties to potentially coercive labor practices could prove a problem for an industry that is heavily dependent on China, once a new law barring Xinjiang products goes into effect.
The Biden administration is planning a major shift to electric vehicles, but experts say it requires a secure, resilient supply of critical minerals.
The electric carmaker had to close an important factory in Shanghai because of China’s efforts to stamp out a coronavirus outbreak.