Lucid Group Secures US Battery Supply Chain to Cut Costs
Lucid Group Inc. is taking steps to secure its supply chain, particularly for lithium-ion battery raw materials, to cut costs. The electric vehicle (EV) manufacturer has signed a deal with Graphite One Inc. and is working with Panasonic Holdings Corp. to boost domestic sourcing.
Lucid Group Inc. is exploring ways to localize its supply chain, aiming to reduce costs. The company has signed a deal with Graphite One Inc. to increase its supply of US-processed graphite, a crucial component in batteries.
The EV manufacturer is also working with Panasonic, a partnership that began in 2022, to source more raw materials for battery cells in the US. This move is partly driven by concerns over President Donald Trump's tariffs, which Lucid's CEO warned could increase automobile costs for American consumers.
The global nature of the automobile industry's supply chain means that even domestic manufacturers like Lucid need to import raw materials and parts from other countries. While Lucid has a notable partnership with Uber Technologies for vehicle supply, the company's cooperation for battery manufacturing is not explicitly mentioned in available information.
Lucid Group Inc. is actively seeking to secure its supply chain, particularly for battery raw materials, through partnerships and local sourcing. These efforts aim to reduce costs and mitigate potential impacts of tariffs on American consumers.
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