12/29/2020, 1:49 PM (Source: TeleTrader)
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Tesla, Sichuan Yahua reach deal on lithium supply

Chengdu-based Sichuan Yahua Industrial Group Co. Ltd agreed on a five-year deal with Tesla, Inc. to supply battery-grade lithium hydroxide to the California-headquartered firm's plant in Shanghai, the Chinese company announced on Tuesday.

According to Sichuan Yahua's filing to the Shenzhen Stock Exchange, the deal is worth around $630-880 million over the next five years.

The Chinese lithium refiner Ganfeng Lithium is currently supplying Tesla's Shanghai Gigafactory with the commodity used for manufacturing EV batteries.

Breaking the News / GA