In order to hit vehicle growth, Tesla needs to maintain supply of metals and minerals used for EV batteries.
In order to hit vehicle growth, Tesla needs to maintain supply of metals and minerals used for EV batteries. As the market for EVs heats up and other automakers expand their production of these cars, metals and minerals could see increased demand and potential supply constraints. A leading mining company is working on splitting its metals business and iron ore operations. Vale SA VALE plans to separate the metals unit in 2023 and has drawn interest from several companies, including Tesla rival General Motors Company GM.Bloomberg reported General Motors is one of the companies that advanced to the next round of acquiring a minority stake in the metals unit of Vale, which could raise $2 billion in partnering with another company on the venture. In November, Saudi Arabia’s Public Investment Fund and Japanese trading company Mitsui & Co were reported as bidders on the Vale unit, according to Bloomberg.