Tesla has signed new long-term deals with two Chinese companies

Today, Tesla has signed new long-term deals with two Chinese companies, both belonging with great background experience as well as market cap., Elon musk also talk about the supply chain issue, a few weeks ago.

Tesla has signed new long-term deals with two Chinese companies

Highlights

  • Tesla has signed an agreement for battery material supply with two giant Chinese companies
  • Tesla required a lot of input battery material thatswhy Tesla finally signed a long deal with two new contractors Zhejiang Huayou Cobalt Co. and CNGR
  • Zhejiang Huayou will supply cobalt for batteries to Tesla from July 1 to the end of 2025, as per the statement
  • Tesla also announced that we are preparing to expand Gigfactroy shanghai production to 21,000 EVs per week

Recently,Tesla has signed a agreement for battery material supply with two giant Chinese companies. As tesla growth increases 50% per year in the EV industry, there is a need for Tesla to secure and fixed the battery supply chain issue as soon as possible, with this Tesla’s continuous deal with battery suppliers. In January, Tesla signed a deal with a nickel maker from a new mine in the U.S.

As we all know that GM Motors and Ford Motor also take commitment to producing 600,000 and 1 million electric vehicles by 2026, both are pre-signed deals with battery makers, Fords motors reveal lits of suppliers for raw materials such as Argentinean lithium and Indonesian nickel whereas General motors, In last week, also reveal its deal to buy input ranging from lithium cathode material.

Yesterday, Ford Motor also dropped hints about its ambitious electric vehicles plan in which they mention that Ford also facing a supply chain issue but doesn’t clarify how to overcome the supply chain issue.

On June 25, Tesla also announced that we are preparing to expand Gigfactroy shanghai production to 21,000 EVs per week, our aim is to become the world’s largest EV manufacturer with 1 million EVs production annually in china.

As per the commitment, Tesla required a lot of input battery material thatswhy Tesla finally signed a long deal with two new contractors Zhejiang Huayou Cobalt Co. and CNGR Advanced material in China.

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.

Zhejiang Huayou will supply cobalt for batteries to Tesla from July 1 to the end of 2025, as per the statement, the Mines also said that the price of the product will be the same as the market price of nickel, cobalt & manganese, or refining fees.

The prices of the products will be subject to market prices for nickel, cobalt and manganese, as well as refining fees.

As per the agreement, CNGR will supply the materials to Tesla between 2023 to 2025 also, has been focusing on R&D innovation and the development of advanced energy materials, the comprehensive service provider of advanced energy materials for lithium batterie. It belongs to advanced materials.

Also, tesla winds up a deal with an Australian developer by Liontown of a Lithium mine in Australia as per the electrek report.

Huayou cobalt has high-tech battery suppliers of new energy Li-ion battery material & cobalt material. Huayou also develop a new energy lithium battery industrial ecology from cobalt & nickel mineral development and refining.

Also, committed to becoming a global market leader in the Li-ion battery industry in the upcoming years.

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