Tesla in talks to buy Glencore cobalt for Shanghai car factory
INTERNATIONAL – Glencore Plc is negotiating a long-term contract to ship cobalt to Tesla Inc.’s new electric-vehicle factory in Shanghai, according to people familiar with the matter.
A deal would help Tesla avoid a supply squeeze on the key battery metal as it pushes into the world’s largest car market, and mark a win for Glencore after a tough spell for its cobalt business.
Executives from both companies hammered out terms of the deal before an official ceremony to mark the first sales from the Shanghai plant earlier this month, said one of the people, who asked not to be identified discussing commercial negotiations. They declined to give details about the size and value of the supply deal.
Source: iol.co.za
