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With one eye on accelerating demand for electric vehicles, BMW AG said it’s talking to suppliers of cobalt and other battery materials amid fears that stocks will run short and push already inflated prices higher.
Sourcing of cobalt and other materials is “the most important” question BMW has to address before it decides whether to produce its own battery cells, board member Oliver Zipse said at a media briefing. Currently BMW assembles, but doesn’t produce its own battery cells.
Despite having widened its losses for the year ended June 30, Aim-listed Red Rock Resources chairperson and CEO Andrew Bell on Friday assured shareholders that the company was in an improved financial position. Red Rock reported a post-tax loss of £1.1-million in 2017, increasing from the losses of £283 280 posted in 2016.
A recognition that electric vehicles (EVs) are unlikely to move the nickel demand dial for some years, slowing demand from China's stainless steel mills and rising supplies have halted a frenzied price rally and are likely to keep weighing on prices. Benchmark nickel on the London Metal Exchange soared by 50% from mid-June to a two-year peak of $13 030 a tonne on Nov. 1, based largely on expectations of strong demand to make the rechargeable batteries used to power EVs.