U.S. President Donald Trump is set to launch a strategic critical minerals stockpile with $12 billion in seed money from the U.S. Export-Import Bank, a Trump administration official familiar with the plan said…The investment marks Washington's latest attempt to offset what policymakers view as Chinese manipulation of prices for lithium, nickel, rare earths and other critical minerals - vital for items from electric vehicles to high-tech weaponry - that has stymied American mining companies for years…First reported by Bloomberg News, the venture, Project Vault, will combine private funding with a $10 billion loan from the EXIM Bank to acquire and stockpile the minerals for automakers, technology companies and other manufacturers…Project Vault is intended to help the American auto industry while letting companies keep the risk off their balance sheets, the official said, comparing the logistics of the project to a Costco membership that allows for buying in large volumes…Another goal is to allow for a 60-day supply of minerals for emergency use, the official said, noting mineral stockpiling is already underway.

Ministers from the US, EU, UK, Japan, Australia and New Zealand will meet in Washington this week to discuss a strategic alliance over critical minerals…It is the second summit on the matter within a month and involves about 20 countries including the G7 members – the UK, US, Japan, France, Germany, Italy, and Canada – along with India and South Korea and Mexico, Australia, New Zealand and possibly Argentina…One area of discussion will be calls for the US to guarantee a minimum price for critical minerals and rare earths. A report this week that Washington has decided against the idea sent shares downwards in Australia, which has been positioning itself as a critical minerals alternative to China with a decision to stockpile elements such as antimony and gallium…The Washington meeting has been convened by the US secretary of state, Marco Rubio, as he and other countries in attendance hope to ramp up non-China supply chains as fast as possible with potential pricing and investment support…“Strengthening critical mineral supply chains with international partners is vital for the US economy, national security, technological leadership, and a resilient energy future,” the US state department said in a pre-summit statement…EU sources said that if talks were successful, a joint statement would follow which could be seen as a milestone shift in relations with allies working with the US to de-risk from China instead of constantly fighting off Trump’s tariff threats…The minerals have become some of the most essential raw materials for modern manufacturing, needed to produce everything from smartphones to fighter jets, to wind turbines to music speakers.

Sales of fully electric cars surpassed those of petrol-only vehicles in the European Union for the first time in December, data from ‌the auto industry group ACEA showed on Tuesday, even as hybrids held onto the largest overall share of the market…The data underscores how the bloc is shifting slowly towards electric and hybrid vehicles, even as policymakers have proposed loosening emission regulations that should allow vehicles with combustion engines to stick around for longer…"It will still take around half a decade before pure electric cars genuinely overtake combustion-engine models across the region, but this is nonetheless a start," he said…Fully electric vehicles made up 22.6% of cars registered in the EU last month, edging out petrol cars ‍on 22.5%. Gasoline-electric hybrids, including plug-in hybrids that can go limited distances on battery power alone, were the top group with 44%...Competition from Chinese brands such as ⁠BYD , Changan and Geely is intensifying the race for the European market, even as domestic carmakers like Volkswagen and BMW roll out ‍new EV models.