Later could be NRM??.
On Monday, Exxon (NYSE: XOM) announced it was getting into the electric vehicle (EV) game.
According to company reps, Exxon is launching a new lithium mining operation in Arkansas, where it will produce enough lithium to support the manufacturing of one million EVs.
A lot of folks saw this news and used it as a reason to suggest that the internal combustion vehicle was about to become a thing of the past.
If one of the world’s largest oil producers is mining lithium for electric cars, this must be the case.
While it is true that the transition away from internal combustion is happening, don’t think for a second that Exxon’s latest lithium play will distract it from what it does best - produce and sell oil.
Truth is, in terms of any revenue generated from this lithium project, it’ll barely register as an accounting error for the oil giant when you compare it to what it makes from its oil and gas assets.
Don’t get me wrong. Here at Energy & Capital, I’m easily the biggest bull on vehicle electrification.