Published: June 2024

In this complimentary white paper, ex-Tesla battery vertical integration expert Aleem Ladak reviews the business case for EV makers looking to back-integrate into mining and/or processing of battery metals, such as lithium and nickel.

The report delves into why vertical integration may be compelling for an automotive OEM (and why it may not) and explores some key considerations that OEMs should be mindful of when looking to move upstream.

The study highlights three cases in which vertical integration of mining assets yielded positive results, contrasted with another case that saw a negative outcome – all of which should be front of mind if looking to vertically integrate to the mine and refinery level.

“Should an OEM wish to only acquire the refining margin, and thus not own a mine that provides feedstock, having flexibility on feedstock sources is key.”

– Aleem Ladak, ex-Tesla | Battery Metals Supply Chain Expert at Adamas Intelligence