Tesla has agreed a long-term deal to buy nickel from global miner Vale as the carmaker looks to secure the raw materials needed for its batteries.
Nickel is needed for the most powerful lithium-ion cells used in electric vehicles and the supply agreement with the Brazilian group marks the latest move by Elon Musk’s group to lock down non-Chinese supplies.
Analysts estimate more than 80 per cent of the world’s nickel processing is based in China and 60 per cent of the world’s nickel mines are Chinese owned.
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