Tesla signed new contracts with two of its current Chinese battery material suppliers, Bloomberg reported on Sunday, highlighting the extent to which American electric vehicle (EV) manufacturers rely on China for critical minerals and materials.
Zhejiang Huayou Cobalt Co. and CNGR Advanced Material Co. renewed pricing agreements to provide Tesla with supplies of ternary precursors, chemical concoctions essential for lithium-ion batteries to store energy for electric cars, up until the mid-2020s, according to Bloomberg. China dominates the world’s lithium-ion manufacturing market, producing about 79% of all lithium-ion batteries that entered the global market in 2021.
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