The Clap
Tesla has signed new long-term deals with two of its existing Chinese battery-materials suppliers.
The Deets
According to Bloomberg, two Chinese battery-materials suppliers signed pricing agreements with Tesla for supplies until 2025.
The deals are for chemicals that are key to storing energy in lithium-ion batteries, which are used for electric vehicles.
Why does this matter?
The switch to cleaner energy is boosting demand for battery supplies. On the other hand, supply has been affected by Covid-related logistical woes and a lack of investment.
Major automakers are looking to secure battery supplies in the face of a potential shortage. GM and Ford revealed deals to buy a number of different raw materials.
Tesla secures new deals with suppliers 🤝
