Serbia Opens Doors to Mercedes, Stellantis (NYSE: STLA), and VW for Lithium Supply

FRANKFURT – Serbia will allow Mercedes-Benz, Volkswagen, and Stellantis (NYSE: STLA) to purchase lithium for car batteries as the nation prioritizes European over Chinese carmakers, its president said.

“The EU needs lithium and we want to strengthen our ties with the EU,” President Aleksandar Vucic told German daily Handelsblatt in an interview published on Thursday.

German Chancellor Olaf Scholz will travel to Serbia for talks with Vucic on Friday, with critical raw materials for battery supply chains and electric cars serving as a key theme.

Serbia has reinstated a license for Rio Tinto (NYSE: RIO) to develop Europe’s biggest lithium mine in a potential boost to the continent’s electric vehicle industry.

Vucic told Handelsblatt that Serbia is eyeing an annual lithium output of 58,000 tonnes, enough for about 1.1 million electric vehicles or about 17% of the European market.

Procurement deals would be contingent on the largest part of further lithium processing and battery production taking place in Serbia, he added.

(Source: ReutersReuters)

Mercedes Mercedes-Benz NYSE: STLA Stellantis Volkswagen

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