The diversification strategy includes plans to expand into international mining to secure access to minerals including copper, cobalt and nickel, as well as lithium.

Mercedes-Benz and Stellantis are currently in discussions with Serbia’s government to invest in the country.

Mines in the US go from discovery to production on an average of 29 years.

The company did not name the investors, only saying they were "leading foreign British and Chinese companies in the global lithium market".

Mexico President-elect Claudia Sheinbaum expressed confidence in her incoming government's ability to come out on top in a legal battle against the Chinese miner.

The carmakers are willing to follow Rio Tinto Group’s investment in the proposed Jadar mine.

According to Bain & Company, lithium-ion batteries will remain dominant for the foreseeable future.