Chile’s president aims to nationalize world’s largest lithium supply
Chile’s president, Gabriel Boric, wants to create a plan to require state involvement in and control of any lithium contracts going forward, in the country with the world’s largest lithium supply.
Boric says that the plan will protect biodiversity and indigenous rights, and will help to distribute the gains from Chile’s mineral wealth more broadly among Chileans.
Chile is home to the world’s largest lithium reserves in its vast northern Atacama desert. The desert is known for its salt flats, large flat areas where water has evaporated and left concentrated solids on the land. Lithium can then be extracted from brine pools on these salt flats.
The desert also reaches into neighboring Bolivia and Argentina, and the area has been referred to as the “lithium triangle.” It is thought to hold roughly half of the world’s lithium reserves, though the resource is still reasonably common elsewhere.
Currently, the world’s largest lithium exporting country is Australia, with Chile in second place. But other countries including China, Argentina, Brazil, and even the US have significant lithium reserves and production capacity, and everyone is aiming to increase production in the coming years.
And some other countries have exerted control over their EV battery resources, with Mexico recently nationalizing its lithium deposits and Indonesia banning exports of nickel in hope of keeping that industry domestic.
Lithium prices have been volatile in recent years, with the resource shooting up about 400% in price in late 2021 due to supply chain challenges and extremely high electric car demand which supply was not able to keep up with.
But most expected prices to drop precipitously this year, and since the beginning of the year, they have. Prices are still high compared to historical averages but are dropping quickly and getting close to those averages.
And, despite being in the name of lithium-ion batteries, each electric car only needs about 20 lbs of lithium. At recent prices, this means there is a few hundred dollars worth of lithium in each EV battery.
Boric’s plan would affect the world’s largest two lithium suppliers, Albemarle and Sociedad Quimica y Minera de Chile (SQM), both of which operate in Chile. Albemarle is a multinational which was formed in 1992 as a spin-off of Ethyl Corporation, the company responsible for putting lead in gasoline. SQM was originally founded as a Chilean state-owned company in 1968 but is now owned by Chilean billionaire Julio Ponce Lerou, son-in-law of Chilean dictator Augusto Pinochet.
The companies dipped 21% and 10% in the stock market today after Boric’s plan was announced.
Chile would not instantly take control of these companies’ operations, but rather the plan would go into effect upon renewal of the companies’ contracts. Currently, SQM’s contract will expire in 2030, and Albemarle’s in 2043. Boric hoped that companies would be open to earlier participation by the state.
But so far, this plan has only been announced by Boric and will have to go through Chile’s National Congress first. He plans to present it to Congress later this year, though the body has blocked many of his proposals in the past.
Chilean politics is going through a lot of change right now. The country saw sustained protests starting in 2019 demanding a new constitution to replace the current one which was implemented under dictator Augusto Pinochet in 1980.
Then in 2021, Boric, a socialist who at 37 is one of the world’s youngest state leaders, won a wide victory over far-right opponent Jose Antonio Kast, who had previously served under Pinochet and whose grandfather had been in the Nazi army. So, the choice was stark.
With this mandate, Boric proposed a new constitution with many progressive reforms. One of those proposed reforms (article 27) would have been to nationalize mining operations, but it was rejected before the constitution went to a vote. Instead, it included a provision that miners must put aside resources to repair damage from mining activities.
The proposed constitution was supported by most Chileans at first, particularly young Chileans and those on the political left. But as the referendum for its approval came closer, polls turned against it and the proposed Constitution failed by a wide margin. The country is now drafting a second proposal, as most Chileans still want to replace the constitution of Pinochet.
But this would not be Chile’s first brush with the nationalization of the extractive industry. In the late 60s and early 70s, Chile pushed to nationalize several industries, particularly the extraction of copper (and even created an early “internet” to manage it).
Chilean president Salvador Allende, a socialist, won in 1970 with the promise of nationalizing copper outright without compensation to the various companies, largely US-based, currently operating in the sphere. The copper industry was nationalized soon after his election with modest compensation to these companies, which drew the ire of the U.S.
Then, in 1973, a U.S.-backed coup led to the deposal and death of democratically-elected Allende and his replacement with the new dictator Pinochet.
Boric’s announcement stops short of Allende’s, in that it does not aim to immediately nationalize the industry without compensation. It also stops short of the proposal in article 27, as that would have given the state exclusive mining rights across many resources, whereas Boric’s current proposal seeks to enforce public-private partnerships in lithium specifically.
But the Chilean state still owns the nation’s copper extraction industry via Codelco, which supplies 11% of the world’s copper. Boric would have this company take a role in finding the best way to manage any public-private partnerships for lithium extraction.
The US currently has a free trade agreement with Chile, in force since 2004. This is relevant for new battery critical mineral guidelines from the US, requiring that battery minerals be sourced from the US or free trade countries in order to qualify for tax credits from the Inflation Reduction Act.
FTC: We use income earning auto affiliate links. More.
Amazon is adding over 200 Mercedes-Benz eActros 600 electric semi trucks to its fleet later this year – its largest-ever order of electric heavy goods vehicles (eHGVs).
Amazon’s new electric semi trucks
These electric trucks will handle high-mileage routes across the UK and Germany, moving trailers between Amazon’s fulfillment centers, sorting centers, and delivery stations.
The new eHGVs are expected to transport more than 350 million packages annually once fully operational.
Amazon is installing 360kW charging stations at key sites capable of powering the 40-tonne trucks from 20-80% in just over an hour. The company is also working with stakeholders to establish external charging locations to support longer routes.
The eActros 600 is Mercedes-Benz Trucks’ flagship electric long-hauler, with a battery capacity of more than 600 kWh and a range of 310 miles (500 km). Production of the eActros 600s recently began at Mercedes-Benz’s factory in Wörth, Germany.
Sustainable delivery across Europe
In the UK, Amazon has begun using the electric rail network for package transport at scale. It’s also rolling out on-foot delivery options in London, with associates using carts that can be restocked from nearby vans. In Germany, Amazon doubled its fleet of Rivian electric delivery vans to over 600, and electric cargo bikes delivered more than 1.5 million packages in Berlin alone last year.
By the end of 2024, Amazon plans to expand its micromobility hubs – locations supporting deliveries by foot and cargo bike – to Germany’s five largest cities and beyond. Across Europe, the company is investing more than €1 billion to further electrify and decarbonize its transportation network.
Amazon’s European network already includes 38 eHGVs, with 50 electric semis recently deployed in California. The company’s fleet of electric delivery vans in Europe has grown to over 3,000 and is expected to surpass 10,000 by the end of 2025. Micromobility hubs have also expanded from 20 cities in 2022 to more than 45 by the end of 2024, including new additions in Belfast, Madrid, Rome, and Vienna.
Electrek’s Take
Amazon says its latest electric semi truck order aligns with The Climate Pledge it announced in 2019, in which the company committed to achieving net zero across its operations by 2040. While The Climate Pledge initiative has garnered praise, it has also faced criticism and skepticism regarding its effectiveness and transparency.
In 2020, Amazon faced allegations of retaliating against employees who spoke out about the company’s environmental policies. The National Labor Relations Board found that Amazon had illegally fired workers who advocated for climate action and better safety measures.
Amazon is also donating $1 million to President-elect Donald Trump’s inaugural fund. Trump is a climate change denier who actively opposes renewables, and not just in the US. Earlier this month Trump demanded that the British government open up the North Sea to fossil fuel drilling and get rid of “windmills.”
Read more: It begins: Mercedes eActros 600 electric semi truck enters production
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
![Check out the new Genesis GV60 interior, it looks even more luxurious in blue [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/01/Genesis-new-GV60-interior.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
If you thought the current GV60 looked pretty inside, wait until you see the updated model. Genesis unveiled the new GV60 earlier this month, its first major redesign since launching in 2021. Here’s our first look at the interior of the new Genesis GV60.
Genesis GV60 interior gets an upgrade in the new model
Genesis launched the GV60 in October 2021 as its first dedicated EV. Less than four years later, the luxury electric SUV is already getting a new look.
The luxury brand unveiled the new GV60 last week for the first time. One of the biggest updates is to the front end.
Although the GV60 is already a sporty-looking EV, the redesigned front bumper with a new 3-D shape takes it up another level. Then, add the signature Genesis Two Line headlamps with Micro Lens Array (MLA) tech, and the refreshed GV60 is a head turner.
The revamped model now features 21″ wheels with a new five-spoke design, complementing its wide, low stance.
Inside, the upgraded GV60 features its new 27″ connected car Integrated Cockpit (ccIC) infotainment system. The design “eliminates the bezel” between the driver display and infotainment screens.
The new Genesis GV60 interior also gains a redesigned three-spoke steering wheel for an even more sporty feel while you’re in the cockpit. Other popular features from the outgoing model, like the Crystal Sphere shift-by-wire system, are still included.
After revealing the updated model for the first time last week, we are already getting a look at the redesigned interior.
A new video from Korea’s HealerTV gives us our first look at the Genesis GV60 interior in a new blue color. Although the reporter initially thought it was a performance model, he noted it was just a new color option. Other added design elements, like the large quilting pattern on the side panels, give it that Bentley or Rolls-Royce feel.
Last week, HealerTV posted a video revealing the first look at the updated Genesis GV60 exterior design. You can see the redesigned front and rear bumpers add to the GV60’s already impressive look.
In the US, the 2025 Genesis GV60 starts at $52,350. A new AWD trim was introduced this year, starting at $55,850.
The current mode gets up to 294 miles driving range, but a bigger battery is expected to push that number closer to 300 miles in the 2025MY. It’s expected to feature the same 84 kWh battery as the updated 2025 IONIQ 5, which provides up to 318 miles range. That’s up from 303 miles in the previous model with a 77.4 kWh battery.
| 2025 Genesis GV60 trim | Range (EPA-est) |
Starting Price* |
| Standard RWD | 294 miles | $52,350 |
| Standard AWD | 264 miles | $55,850 |
| Advanced AWD | 248 miles | $60,900 |
| Performance AWD | 235 miles | $69,900 |
Genesis will launch the updated GV60 in Korea in the first quarter of the year, with overseas markets following shortly after. Check back for more info, including prices and specs, closer to launch.
What do you think about the new GV60 design? Do you like the changes? What would you change? Let us know in the comments below.
Ready to check out the electric luxury SUV for yourself? With the 2025 models here, Genesis is offering clearance prices on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports9 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway