General Motors Co. has struck a multiyear agreement to source cobalt from commodities firm Glencore PLC, the latest in the auto industry’s rush to secure key battery ingredients for electric vehicles as raw materials prices rise.
GM said Tuesday the company will supply it with cobalt, a critical metal used in the production of batteries, from Glencore’s operation in Australia. The Detroit auto maker plans to use the material in its proprietary batteries, which are expected to power new plug-in models such as the Chevrolet Silverado EV and electric GMC Hummer. GM isn’t disclosing the deal’s financial terms.
