Tesla will buy cobalt from Glencore in bid to avoid supply squeeze

A Tesla showroom in Corte Madera, California. Picture: AFP

The opening of Tesla’s so-called gigafactory in China this year has helped propel its shares to a record, as investors turn bullish on Elon Musk’s ambition to transform the company into a global mass-market carmaker. The deal could involve Glencore supplying as much as 6,000 tonnes of the metal a year for lithium-ion batteries used in electric cars, the person said. Executives from the two companies had previously been hammering out terms for Glencore to supply raw materials for vehicles being produced at Tesla’s car facility in Shanghai, people familiar with the matter said in January.The Financial Times earlier reported details of the agreement to sell material for use at Tesla’s new factories.

After customers reneged on contracts in response to the price slump, Glencore spent last year locking in new long-term deals throughout the electric-vehicle supply chain.

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