China’s Nio joins the race for lithium, buys 12% of Australia’s Greenwing ResourcesChina’s Nio joins the race for lithium, buys 12% of Australia’s Greenwing ResourcesGiphy GIFGiphy GIF

China’s Nio joins the race for lithium, buys 12% of Australia’s Greenwing Resources
China’s electric vehicle upstart Nio has joined Tesla in sourcing raw materials directly from mines rather than its own battery suppliers as soaring prices of lithium, a critical component of EV batteries, hurt manufacturers’ supply chain stability and bottom lines.
Nio, an eight-year-old premium EV maker, has agreed to pay $12 million for a 12.16% stake in Greenwing Resources, an Australian lithium mining company, Greenwing said in a filing with the Australian Stock Exchange.
Last year, CATL paid nearly $300 million to buy out Vancouver-based Millennial Lithium — which makes Nio’s check for Greenwing look humble.
CEO William Li said on its June earnings call that the firm was stepping up battery-related investments to gain more bargaining power over upstream costs.
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