Tesla has signed a three-year deal to buy lithium from Ganfeng Lithium, as it secures supplies of the battery raw material following a rapid rise in prices this year.
The agreement for battery grade lithium hydroxide will start at the beginning of next year, Ganfeng said, without giving further details.
“The actual purchasing quantity and sales amount will depend on the purchasing orders placed by Tesla,” Ganfeng said.
The deal comes following a 91 per cent increase in lithium hydroxide CIF Asia prices this year to $19,250 a tonne, according to Benchmark’s Lithium Price Assessment. Rising lithium . . .