jan 1, 2022 - Tesla makes 3-years battery supply deal with China's Ganfeng Lithium

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Ganfeng and its unit will provide, under the new agreement, products to Tesla for three years starting 2022, the filing read. The sales amount and the deal value are still pending Tesla's purchase orders, it added.

Ganfeng didn't disclose further details but said the contract is beneficial for strengthening its "long-term stable collaboration" with Tesla.

The Chinese lithium company has already provided supplies of battery-grade lithium to EV producers, including Tesla. Thanks to rising lithium prices and strong demand, the Jiangxi-based firm’s third-quarter and nine-month net profits were up 507% and 648% on an annual basis, respectively. The company announced in August an investment worth $1.31 billion (8.4 billion yuan) in two battery production projects.

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