Industry Value Chain

2025 Saw Many New Supply Agreements & Partnerships, but Also Cancellations Common themes: securing supply outside China, and scramble for LFP Ongoing Asian-led Li/Ni/Co partnerships Chengxin Lithium Chengxin Lithium Mineral Resources

Ford

Spodumene concentrate

Huayou Youshan)

Lithium carbonate + hydroxide

POSCO

Spodumene concentrate

GEM

XTC

Lithium carbonate, phosphate, nickel/cobalt sulphate

CNGR

XTC

Lithium carbonate, phosphate

Alliance Nickel

Stellantis

Nickel sulphate

Search for Ex.China lithium chemical supply for local CAM production EcoPro

SK On

Lithium hydroxide

Rock Tech Lithium

Ronbay

Lithium hydroxide

Mandrake Lithium

Stardust Power

Lithium chloride

Stardust Power

Sumitomo

Lithium carbonate

Trading houses securing feedstock from new producers Ascend Elements Vulcan Energy

Trafigura Glencore

Premier African Metals

Glencore

EVelution Energy

Mitsui

Recycled lithium carbonate Lithium hydroxide Spodumene concentrate Cobalt sulphate + metal

Securing Chinese domestic LFP CAM to fuel growing ESS demand

Securing ex.China LFP CAM for new ex.China cell production

Yuneng

Hithium

LFP CAM

PT LBM Lopal

Ford

LFP CAM

Establishing supply chain for ex.China LFP for EVs and strong US ESS demand

Wanrun

Hithium

LFP CAM

PT LBM Lopal

EVE Energy, Tesla

LFP CAM

LG ES

GM

LFP

Wanrun

CATL

LFP CAM

PT LBM Lopal

Sunwoda

LFP CAM

LG ES

Mercedes-Benz

LFP

Lopal

CATL

LFP CAM

PT LBM Lopal

CATL

LFP CAM

Samsung SDI

GM

LFP

Lopal

Cornex

LFP CAM

Unannounced

LFP CAM

LG ES

Tesla Energy

LFP

Fangyuan

BYD

LFP CAM

IBUTec

PowerCo

LFP CAM

SK On

Flatiron Energy

LFP

CNGR

BYD

FP

Dynanonic

CATL, Stellantis

LFP CAM

LG ES

SK Eternix

LFP

CNGR

EVE Energy

FP

CNGR

Gotion

FP

CNGR

CALB

FP

Extensions of agreements: manufacturers invested in NMC

Chinese NMC CAM producers in Europe securing more contracts Easpring

SK On

NMC CAM

Huayou

EVE Energy, BMW NMC CAM

Huayou

LG ES

NMC p/CAM

CNGR COBCO

Umicore

NMC pCAM

OEMs partnering with Chinese cell makers CALB

Hyundai

NMC

BYD

Hyundai

LFP

CATL

Scania

NMC

LG Chem

Panasonic, Tesla

NMC CAM

Umicore

SK On

NMC CAM

MCC RAMU

Minmetals, EVE Energy

NMC CAM

Easpring

LG ES

NMC CAM

OEMs remain searching for ex.China AAM supply

POSCO

LG ES, Hyundai

NMC CAM

Vianode

GM

AAM

SK On

Nissan

NMC

Eco & Dream

Umicore

NMC pCAM

POSCO

GM

AAM

LG ES

GM JV

LMR

CNGR

Umicore

NMC pCAM

Syrah

Lucid

AAM

CNGR

XTC

NMC pCAM

SK On

Ford JV

NMC

Syrah

Tesla

AAM

GEM

XTC

NMC pCAM

Novonix

Stellantis

AAM

Huayou

POSCO (joint venture)

NMC pCAM

Westwater

Stellantis

AAM

NMC-based partnerships

Note: Stellantis terminated partnerships with Alliance Nickel (missed milestones); Novonix (unable to agree on specifications); and Westwater (change in direction). SK On and Ford have ended their JV with each company taking over the plants in Tennessee SK On and Kentucky Ford. Other strikethroughs indicate canceled or terminated partnerships.

Source: CRU Group Distinguished Partner) supply chain database, company announcements. Strikethroughs indicate cancelled deals. Non-exhaustive list.

Extracted from the PDF; charts and images may read imperfectly.