The agreement covers supply of lithium to VW and battery manufacturer selected by VW over the next 10 years.

The German manufacturer said that this way it's already securing a significant share of its lithium requirement. By the way, talks with Ganfeng Lithium concerns other topics like battery recycling and solid-state batteries too.

"The rapid increase in vehicle electrification in the automotive industry will have a major impact on global raw material markets. The global lithium demand is expected to more than double by 2023. In light of this, the agreement with Ganfeng is an important milestone in supply security for the Volkswagen Group."