Tesla Just Secured Huge Lithium Deal For Its Batteries in China Video
Tesla is strengthening its position for battery production and just secured a huge new lithium deal with a major Chinese supplier Sichuan Yahua Industrial Group, worth nearly one billion dollars.
Sichuan Yahua Industrial Group Co. is an industrial group headquartered in Chengdu, capital of Sichuan Province, China. The company didn't release much information about the magnitude of its battery-grade lithium deal with Tesla. However, in a filing to the Shenzhen Stock Exchange, Yahua put the total value of its lithium contract with electric car maker Tesla at $630 million to $880 million over 2021-25, according to Reuters.
It's been almost a year since Tesla has been delivering Model 3 vehicles from its Giga Shanghai factory. It has reportedly already started making the Model Y vehicles, which Tesla will start delivering soon. China is going to be very important for Tesla in the next five years as more than half of Tesla models in 2021 will be made in China. And Tesla is already sourcing lithium, which is an important EV battery ingredient, from Ganfent Lithium in China, which is one of the world's largest producers of lithium.
Reuters says Tesla has not yet responded to its request for comment and we hope Tesla will release information on this new lithium deal during the day.
"Yahua Lithium Industry mainly relates to two plates of business, such as Lithium Resources Development and Lithium Salt Manufacture. For Lithium Resource Development, we have Lijiagou Lithium fai quarries, which has been proven to be the largest explored Lithium fai quarries in Asia, and we have the right of mining for it; it can be converted into 510,000 ton of resource for Lithium Hydroxide. For Lithium Salt Manufacture, we have the capacity for Lithium Hydroxide with 12,000 ton, Battery Grade Lithium Carbonate with 6000 ton, Lithium Dihydrogen Phosphate with 2500 ton, etc; we are the biggest manufacture enterprise for Lithium Hydroxide in the world, and our products have been used in all kinds of industries such as Batteries, Medicine, Metallurgy, Petrochemical, Glass, and Nuclear Industry," reads Yahua's Lithium Profile on its website.
#Tesla
#LithiumIonBatteries
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This is Armen Hareyan from Torque News. Please follow us at https://twitter.com/torquenewsauto on Twitter and https://www.torquenews.com/ for daily automotive news.
Reference
Armen Hareyan Torque News https://www.torquenews.com/1/tesla-secures-huge-lithium-deal-its-batteries-major-chinese-supplier
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