Lucid forms partnership to boost domestic EV mineral supply chain

NEWARK, Calif. - Lucid Group, Inc. (NASDAQ:LCID) announced Wednesday it has formed a partnership with four critical mineral producers to accelerate the development of domestic mineral resources for U.S. automotive manufacturing. According to InvestingPro data, this strategic move comes as the company seeks to strengthen its supply chain position.

The new coalition, called the Minerals for National Automotive Competitiveness Collaboration (MINAC), brings together Lucid with Alaska Energy Metals, Graphite One, Electric Metals, and RecycLiCo to advance domestic mineral production through offtake agreements and address supply chain barriers.

The collaboration aims to expand coordination between mining and automotive sectors while supporting the qualification and procurement of domestically produced materials by U.S.-based automakers and suppliers.

Partner companies in the initiative are developing various critical minerals essential for electric vehicle production. Alaska Energy Metals, with a market capitalization of $11 million and currently operating at negative EBITDA of $4.66 million, is working on a nickel project in Alaska, while Electric Metals is developing a manganese project in Minnesota. Graphite One is establishing both synthetic graphite production in Ohio and natural graphite in Alaska, with production expected by 2028. RecycLiCo specializes in refining mined ore and recycling lithium-ion battery materials.

"Domestic supply chains strengthen manufacturing resilience, fortify sustainable supply chains, and accelerate job growth," said Marc Winterhoff, Interim CEO of Lucid, according to the press release statement.

The initiative has garnered support from several lawmakers, including Senator Mark Kelly of Arizona and Representatives Andy Biggs, Eli Crane, and Juan Ciscomani, who emphasized the importance of reducing reliance on foreign mineral sources.

The collaborative is holding a roundtable discussion in Washington, D.C. on Wednesday with Arizona Governor Katie Hobbs, Senator Dan Sullivan of Alaska, and Representatives Nick Begich of Alaska and Andy Biggs of Arizona. For detailed analysis of the companies involved in this strategic partnership, InvestingPro subscribers gain access to comprehensive financial metrics, Fair Value estimates, and expert insights that help evaluate such industry developments.

Lucid currently manufactures its electric vehicles at a facility in Arizona.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.