The car maker intends to use Glencore's cobalt to make lithium-ion batteries in its Berlin and Shanghai Gigafactories.
Tesla is planning to use cobalt from Glencore's mines in the Democratic Republic of the Congo to make lithium-ion batteries at Gigafactories in Berlin and Shanghai.Tesla plans to use cobalt from Anglo-Swiss mining giant Glencore to build lithium-ion batteries at its new factories, according to industry sources.
The financials of the deal are unknown but a ton of cobalt is worth about $30,000, down from $95,000 in May 2018. The news was first reported by the Financial Times and both Tesla and Glencore declined to comment when contacted by CNBC.The cobalt will come from the Democratic Republic of the Congo, where Glencore has been operating a copper mine in the Katanga region since 2008 that produces it as a byproduct.
Cobalt has become one of the modern world's most important minerals as it's also used to make the lithium-ion batteries found in smartphones and laptops.
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