ExxonMobil Enters EV & Battery Business - Largescale

ExxonMobil has reportedly started drilling for Lithium in Arkansas, largescale. With a goal to provide enough lithium to support the production of over 1 million electric vehicles annually by 2030. Considering the fact that current EVs make up just about 1% of the total automobile market, the market opportunity for EV growth & lithium supply is still quite enormous. This comes just weeks after Exxon announced its $60B acquisition of Pioneer Natural Resources. These recent dual moves show the Major’s long-term belief in fossils, and also it’s favorable commitment to clean technologies.