Exxon Quietly Joins Search For Lithium: Report
Portfolio Pulse from Akanksha Bakshi
Exxon Mobil has purchased drilling rights to a large area of land in Arkansas for lithium production, a key ingredient in batteries for electric vehicles and electronics. The acquisition signals Exxon's preparation for a future less reliant on gasoline and diversifies its portfolio.
May 22, 2023 | 2:07 pm
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Exxon Mobil's acquisition of drilling rights for lithium production in Arkansas signals a strategic shift towards a less gasoline-dependent future and diversification of its portfolio.
Exxon Mobil's acquisition of drilling rights for lithium production indicates the company's recognition of the growing demand for electric vehicles and the need to diversify its portfolio. This strategic move could positively impact its stock price in the short term as investors see the company adapting to market trends and preparing for a future less reliant on gasoline.
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