Toyota Secures Lithium Supplies in Argentina

Deal sent sent share of project owner and operator to all-time high.

Published: 21-Jan-2010

SYDNEY/TOKYO -- A sister company to Toyota Motor Corp secured a lithium supply deal in Argentina on Wednesday that could help the world's largest automaker keep its lead in gasoline-electric hybrid cars.

The deal sent shares in the lithium project's owner and operator, Australian-listed Orocobre Ltd, soaring almost 50 percent to an all-time high.

Lithium, a highly reactive and versatile metal, is expected to be in increasing demand as carmakers choose costly but more efficient lithium-ion batteries to power hybrid and electric vehicles.

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