Western carmakers have yet to wake up to the limited supply of cobalt and risk being left behind by their Chinese rivals, according to the chief executive of the world’s biggest producer of the battery metal.
The warning by Ivan Glasenberg, chief executive of Glencore, will increase the pressure on carmakers such as Volkswagen and BMW, which have pledged to spend billions rolling out new electric car fleets.
Both carmakers have said they are looking to sign long-term supply agreements for cobalt, a critical battery metal that is abundant in the Democratic Republic of Congo, one of the poorest countries in the world.
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