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Tesla signed secret nickel supply deal with Vale: Report

The price of nickel, which is used to make stainless steel and is a key material for electric vehicle batteries, had been rising steadily even before the conflict in Ukraine drove prices up even further and triggered chaos at the London Metal Exchange in early March.

March 30, 2022 / 07:05 PM IST

Tesla Inc has secured an undisclosed deal with Brazilian mining company Vale S.A. for the supply of nickel, which is essential to making batteries for electric vehicles, Bloomberg News reported on Wednesday, citing sources.

The price of nickel, which is used to make stainless steel and is a key material for electric vehicle batteries, had been rising steadily even before the conflict in Ukraine drove prices up even further and triggered chaos at the London Metal Exchange in early March.

Prices of other metals, including aluminum, palladium and lithium, used in cars have also soared.

Tesla, the world's largest automaker, signed a multi-year supply deal for nickel from Canada with Vale, Bloomberg reported.