logo-loader
viewTesla Inc

Tesla reportedly in talks over cobalt-free batteries, switch may stir up ‘battery metals’ sector

Cobalt is the most expensive so-called ‘battery metal’ and Tesla is reportedly looking to cut costs in China.

Tesla Inc -

Tesla Inc has potentially stirred up the battery metals mining sector with reports that it may adopt a cobalt-free system for certain models in China.

The electric vehicle firm is, according to a Reuters report, in advanced stages of talks with CATL to use lithium iron phosphate (LFP) batteries in a manufacturing facility.

READ: Tesla to raise over US$2bn in stock sale

Cobalt is the most expensive so-called ‘battery metal’ and the Reuters report suggests that Tesla is seeking to reduce manufacturing costs amid an apparent slowing of electric vehicle sales in China.

Talks have been taking place for over a year and the LFP batteries would be cheaper by a “double digit percent”, claim Reuters – citing someone ‘directly involved in the matter, but not authorised to speak to the media’.

The report comes as the commodities market awaits news on Tesla’s future plans for its battery technologies, after Elon Musk last month mooted an industry event potentially taking place in April.

In early New York trade on Tuesday, Tesla shares were 6.3% higher at $850.70.

 -- Adds share price --

Quick facts: Tesla Inc

Price: 514.36 USD

NASDAQ:TSLA
Market: NASDAQ
Market Cap: $94.84 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: CytoDyn's therapy used to treat New York coronavirus...

CytoDyn Inc (OTCMKTS:CYDY) CEO Nader Pourhassan tells Proactive the biotech shared positive test results today from seven coronavirus (COVID-19) patients who were treated with the company’s drug leronlimab at a leading medical center in the New York City area. Pourhassan, together diagnostics...

1 day, 23 hours ago

2 min read