Stellantis ( STLA Quick Quote STLA - Free Report) recently inked a five-year deal with lithium developer Vulcan Energy Resources Ltd to supply battery-grade lithium hydroxide in Europe. Per the agreement, Vulcan will supply between 81,000 and 99,000 metric tons of lithium hydroxide to Stellantis for use in electric vehicles (EVs) during the five-year tenure of the deal. Shipments are scheduled to begin in 2026. Financial details of the agreement are yet to be disclosed. Australia-listed Vulcan aims to accelerate the transition to electric mobility through its World’s first Zero Carbon Lithium project for EV batteries and its renewable energy business. Vulcan’s Zero Carbon Lithium business in the Upper Rhine Valley in Germany uses the direct lithium extraction method that requires no evaporation ponds, mining or fossil fuels and creates battery-quality lithium hydroxide from brine with zero carbon footprint. The latest deal is a win for both Stellantis and Vulcan as both are ecstatic to join the forces to achieve their shared sustainability and decarbonization ambitions. For Vulcan, the deal with Stellantis is in sync with its mission to decarbonize the lithium-ion battery and EV supply chain. Further, the proximity of its location to Stellantis’ European gigafactories will also aid the company in reducing the transport distance of lithium chemicals, in line with the intentions of the Vulcan Zero Carbon Lithium project. For Stellantis, the latest agreement demonstrates its efforts to achieve its carbon-neutrality goals in a sustainable manner and forms part of its long-term electrification strategy, per which the automaker has committed to invest more than 30 billion euros ($35.54 billion) by 2025 in software development and electrification of its vehicle lineup, aiming to be 30% more efficient than the industry with respect to its total capex and R&D expenses. The commitment marks a historic step for STLA to bring together and electrify 14 brands under one roof. Further, Stellantis aspires to transit more than 70% of its vehicle sales in Europe and more than 40% of vehicle sales in the United States to low emission vehicles (LEV) by 2030. Stellantis currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. EV Push by Stellantis’ Peers Ford ( F Quick Quote F - Free Report) is also committed toward its goal of providing carbon-free transportation in the upcoming years and is boosting the company’s electrification efforts to attain this target. The automaker has always been at the forefront of the automotive revolution and is focused on its vision of an all-electric future, including fifth-generation lithium-ion batteries and preparing for the transition to solid-state batteries, which warrant longer ranges, reduced costs and safer EVs for customers. Ford has committed to invest more than $30 billion by 2025 for the electrification of its commercial and retail fleet by capitalizing on its strength, starting with the EV versions of the company’s most popular models. F recently announced its plans of investing $11.4 billion for building two new environmental-friendly and technologically-advanced campuses in Tennessee and Kentucky that will produce next-generation electric F-Series trucks and batteries to power the future electric Ford and Lincoln vehicles. General Motors’ ( GM Quick Quote GM - Free Report) big push toward EVs is also commendable. The automaker has committed to invest $35 billion to EVs and autonomous vehicles by the end of 2025, marking a 75% jump from its initial $20-billion plan. At the heart of this strategy lies the automaker’s Ultium battery platform, which will power everything from mass market to high-performance vehicles. The company is also moving ahead with the construction of two U.S-based Ultium battery cell plants along with the battery cell plants currently under construction in Tennessee and Ohio. In October, General Motors also announced plans to invest in the next-generation battery facility – Wallace Battery Cell Innovation Center – that will significantly expand GM's battery technology operations and boost the development of longer range and more affordable EV batteries.