Exxon Mobil Sets Ambitious Goal to Supply Lithium for One Million Electric Vehicles by 2030

Exxon Mobil intends to begin production of lithium for electric vehicle batteries by 2027, utilizing a 120,000-acre drilling operation in southern Arkansas's lithium-rich Smackover Formation. Exxon aims to supply enough lithium through this operation to support the manufacture of one million electric vehicles annually by 2030. The company sees lithium production as a long-term investment that can grow alongside increased electric vehicle adoption in the US. Increased domestic lithium production is important for the US electric vehicle transition, as the country currently imports most of its lithium despite having sizable deposits. Demand for lithium batteries is projected to grow sixfold in the US by 2030 due to the acceleration of the electric vehicle market transition.