By: Financial Times
June 16, 2020
Tesla Inc. will buy cobalt from from Glencore Plc, the world’s biggest miner of the metal, as the carmaker looks to avoid a future supply squeeze on the key battery metal, a person familiar with the matter said.
The contract will help Tesla shore up its cobalt supply for new plants in China and Germany, said the person, who asked not to be identified as the details are private. The opening of Tesla’s so-called giga factory in China this year has helped propel its shares to a record, as investors turn bullish on Elon Musk’s ambition to transform the company into a global mass-market automaker.