- The Tesla Inc (NASDAQ: TSLA) stock increased by 1.8% today. This is why.
The Tesla Inc (NASDAQ: TSLA) stock increased by 1.8% today. Investors appear to be responding positively to a Reuters report that Australia-based Core Lithium Ltd (CXO.AX) entered into an agreement with the electric carmaker to supply them with lithium spodumene.
This deal reflects the surge in demand for battery metals like lithium, nickel, and cobalt due to the major rise in electric vehicle sales. And Core Lithium said it is going to supply Tesla with up to 110,000 dry metric tons of spodumene concentrate from its flagship Finniss Project in Australia’s Northern Territory over 4 years.
The first lithium production from the Finniss project is scheduled for Q4 2022. And the supply to Tesla is expected to begin in the second half of 2023.
Tesla has similar deals with Australia-based Liontown Resources and Syrah Resources as well.
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