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Tesla Inc.
has signed new long-term agreements with two of its existing Chinese battery materials suppliers, the latest move
by automakers to secure supply amid increased competition.
Zhejiang Huayou Cobalt and CNGR Advanced Materials signed supply pricing agreements
with the electric vehicle giant until mid-century, according to separate statements issued by the two companies on the stock exchange.
The deals target ternary precursor materials — chemical mixtures that are key
to storing energy in lithium-ion batteries.
The announcements come as major automakers look to acquire battery metals
in the face of looming shortages.
General Motors last week announced deals to buy everything from lithium to cathode materials, shortly after Ford Motor Co.
announced a list of suppliers of raw materials, including Argentine lithium and Indonesian nickel
.
Huayou Cobalt will supply materials to Tesla from July 1, 2022 to the end of 2025
.
The miner said the price of the product will be affected
by the nickel-cobalt-manganese market price as well as refining fees.
CNGR will supply
the electric vehicle manufacturer between 2023 and 2025.
The transition to clean energy is boosting demand for battery components, while supply is hampered
by coronavirus-related logistical woes and a lack of investment.
This has pushed up raw material prices and dented profitability for some automakers
.
Tesla Inc.
has signed new long-term agreements with two of its existing Chinese battery materials suppliers, the latest move
by automakers to secure supply amid increased competition.
Zhejiang Huayou Cobalt and CNGR Advanced Materials signed supply pricing agreements
with the electric vehicle giant until mid-century, according to separate statements issued by the two companies on the stock exchange.
The deals target ternary precursor materials — chemical mixtures that are key
to storing energy in lithium-ion batteries.
The announcements come as major automakers look to acquire battery metals
in the face of looming shortages.
General Motors last week announced deals to buy everything from lithium to cathode materials, shortly after Ford Motor Co.
announced a list of suppliers of raw materials, including Argentine lithium and Indonesian nickel
.
Huayou Cobalt will supply materials to Tesla from July 1, 2022 to the end of 2025
.
The miner said the price of the product will be affected
by the nickel-cobalt-manganese market price as well as refining fees.
CNGR will supply
the electric vehicle manufacturer between 2023 and 2025.
The transition to clean energy is boosting demand for battery components, while supply is hampered
by coronavirus-related logistical woes and a lack of investment.
This has pushed up raw material prices and dented profitability for some automakers
.
