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"Tesla reportedly is teaming with metals giant Glencore to ship cobalt to Tesla's new Shanghai electric-vehicle factory to avoid a supply squeeze on the key battery metal.
By M. Corey Goldman
Tesla is negotiating with metals production giant Glencore to ship cobalt to Tesla's new electric-vehicle factory in Shanghai in an effort to avoid a supply squeeze on the key battery metal.
Citing people familiar with the matter, Bloomberg News reported on Wednesday that a deal with Baar, Switzerland-based Glencore will help Tesla, the battery and electric vehicle maker, shore up its cobalt supply as it ramps up output at its recently completed Shanghai Gigafactory.
It also will help Glencore, the world's largest cobalt miner, which is in a strong position to benefit from the boom in electric-vehicle sales and corresponding batteries required to power them yet suffered from losses last year following a supply-induced collapse in cobalt prices in 2018."