Exxon in talks with automakers to supply lithium; Albemarle jumps
Olemedia
Exxon Mobil (NYSE:XOM) is in early-stage talks with automakers including Tesla (TSLA), Ford (F) and Volkswagen (OTCPK:VWAGY) about supplying them with lithium for electric vehicles, Bloomberg reported Monday.
Exxon (XOM) looking to secure buyers to support its push into lithium extraction and has set a goal of extracting 100K tons/year of lithium.
Albemarle (NYSE:ALB) is said to be among the lithium producers Exxon (XOM) is talks with, sending its shares +2.9%.
"Given Albemarle's leadership role in the market, people routinely want to speak with us - especially when looking at potential resources," the company told Bloomberg.
Exxon (XOM) reportedly is exploring a lithium site in Arkansas and recently began drilling wells there, but has yet to decide if it wants to produce on its own or partner with others, according to Bloomberg.
CEO Darren Woods said during Exxon's (XOM) earnings conference call last week that processing "brine and extracting the lithium is very consistent with a lot of the things that we do in our refineries and chemical plants and, in fact, in some of our upstream operations."
More on Exxon Mobil:
Financial and valuation comparison to sector peers

Analysis: Exxon Mobil: Reasonable Results, Will Profit From Rising Energy Prices
Stock price return: Flat YTD, up 12.5% in the past 12 months