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Dr. Herbert Diess, CEO and Chairman of the Board of Management of Volkswagen AG, and Canada's Minister of Innovation, Science and Industry Francois-Philippe Champagne shake hands during the signing of a memorandum of understanding as Canada's Prime Minister Justin Trudeau and Germany's Chancellor Olaf Scholz look on, at the Canada-Germany Business Forum, in Toronto, Canada, on Aug. 23, 2022. Carlos Osorio/Reuters
FRANKFURT, Germany—German carmakers Volkswagen and Mercedes-Benz struck battery materials cooperation agreements with mineral-rich Canada on Tuesday, intensifying efforts to secure access to lithium, nickel, and cobalt.
The move comes as automakers roll out their electric-vehicle expansion strategies globally in a bid to challenge sector leader Tesla. These strategies depend on sufficient supplies of vital battery materials.
