Exxon Mobil has announced its plans to set up a facility in the US to produce lithium.
👉 Background: ExxonMobil is the major oil and gas company whose history started way back in 1866 (before the light bulb was invented). It's now grown to company with a market valuation of $415 billion USD.
👉 What happened: While other oil companies like BP have already begun investing in other types of energy like solar or wind, Exxon has doubled down on fossil fuels. But now, Exxon Mobil has announced its plans to set up a facility in the US to produce lithium.
👉 What else: The plan is to produce enough metal for more than 1 million electric vehicle cars by 2030 and take on the Australian lithium miners.
💡In the high-stakes game of energy production, companies are starting to play on both sides of the spectrum to hedge their bets.
💡Electric vehicles are growing in popularity with consumers. In fact, 14% of all new cars sold in 2022 were electric, which is up from around 9% in 2021 and less than 5% in 2020. And by 2030, when Exxon plans to have this fully firing, more than 60% of new vehicles sold are expected to be electric.
💡 So clearly, even industry giants need to adapt to shifting consumer preferences.
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