Mercedes-Benz is announcing a new deal with Rock Tech Lithium for 10,000 tons of lithium per year. Mercedes-Benz is best known for its luxurious German vehicles. The company is great at raising the bar for what an automobile company can do, and now, the automobile company is moving quickly to secure its future position in the automobile market.
As demand for electric vehicles continue to increase at record levels, auto companies from all corners of the world are pouring billions into trying to catch the first mover known as Tesla. Tesla still controls around 68 percent of the electric vehicle market, but Tesla is losing its rank as the automobile companies are setting plans for electric future.
Since Joe Biden, president of the United States, signed the inflation Reduction Act (IRA), North America is becoming a hot spot for the production of electric vehicles. A big part of the bill also includes tax credits for electric vehicles.
However, for the electric vehicles of the company, to be eligible, the IRA is outlining specific conditions that must be met. For one, the needed materials must be sourced, and the vehicle still needs to go through its fair-trade partners.
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