The Tesla logo is pictured at a car dealership in Chambourcy, near Paris, France, on December 15, 2021. REUTERS/Gonzalo Fuentes
March 30 – Tesla Inc (TSLA.O) has signed an undisclosed deal with Brazilian mining company Vale SA (VALE3.SA) to supply nickel to the electric carmaker, Bloomberg News reported on Wednesday, citing sources .
The price of nickel, which is essential to making batteries for electric vehicles, rose steadily before the conflict in Ukraine pushed it higher and unleashed chaos on the London Metal Exchange in early March. Continue reading
The prices of other metals used in cars, including aluminum, palladium and lithium, have also skyrocketed recently.
Tesla, the world’s largest automaker, has signed the multi-year supply deal with Vale for Canada’s nickel, Bloomberg reported.
Tesla did not immediately respond to a Reuters request for comment.
Vale declined to comment on the report, but said it previously explained that the company currently sells 5% of its production in the EV market and plans to increase that share to 30% to 40%.
Tesla has been less affected by supply chain issues arising from the COVID-19 pandemic compared to other automakers, which have reduced production due to shortages of several components including chips and battery metals of electric vehicles.
Chief Executive Officer Elon Musk said earlier this month that the electric carmaker and its rocket company SpaceX are facing significant inflationary pressures in commodities and logistics. Continue reading
Reporting by Akash Sriram in Bengaluru; Edited by Maju Samuel