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Global chip supplies to stabilize at lower-than-desired levels, GM’s Reuss says

GM Chief Financial Officer Paul Jacobson said last week GM expects a “more stable year” in 2022 for chip suppliers, but warned third-quarter wholesale deliveries could be down by 200,000 vehicles due to the shortage.

Looking ahead, Reuss said a crucial issue for the auto industry would be recycling materials used in electric vehicle (EV) batteries, such as rare earth minerals.

“There’s a lot of material in a battery cell that can be reused,” he said. “We’re spending time on that.”

GM in July said it was investing in a U.S. lithium project that could become the country’s largest by 2024, making the No. 1 U.S. automaker one of the first to develop its own source of a battery metal needed for EVs.

Reuss said GM was also looking at opportunities in Australia, without disclosing details.

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