Hyperdrive
Tesla Inks Battery Materials Deals With Two China Suppliers
- Huayou, CNGR to provide ternary precursor products till 2025
- GM and Ford also unveiled supply agreements in recent weeks
This article is for subscribers only.
Tesla Inc. has signed new long-term deals with two of its existing Chinese battery-materials suppliers, the latest move by automakers to secure supplies amid intensifying competition.
Zhejiang Huayou Cobalt Co. and CNGR Advanced Material Co. signed pricing agreements with the electric-vehicle giant for supplies until the middle of this decade, according to separate stock-exchange statements from the companies. The deals are for ternary precursor materials -- chemical cocktails that are key to storing energy in lithium-ion batteries.