January 29, 2023

Chinese language company Ganfeng Lithium Co., Ltd. and its subsidiary unit GFL Global Co., Ltd. have signed a freelance to offer battery-grade lithium merchandise to U.S. electrical car maker Tesla, Ganfeng stated on Monday in a submitting. The brand new contract will permit the corporate and its unit to offer merchandise to Tesla for 3 years ranging from 2022. The gross sales quantity and price of the contract are nonetheless pending Tesla’s acquire orders.

As of press time, the proportion worth of Ganfeng Lithium was once 166.66 yuan ($27) in step with proportion, up 2.81%.

The 3rd quarterly file of Ganfeng Lithium displays that from January to September this yr, the corporate completed running source of revenue of seven.054 billion yuan, a year-on-year build up of 81.19%. The web benefit resulting from shareholders was once 2.473 billion yuan, a year-on-year build up of 648.24%.

On October 27, the Jiangxi-based corporate disclosed that the newly-built lithium hydroxide mission reached an annual output of fifty,000 lots, and the manufacturing capability and value of lithium salt merchandise greater a great deal this yr. The corporate can produce 43,000 lots of lithium carbonate and 81,000 lots of lithium hydroxide once a year.

Ganfeng’s earlier two-year provide contract with Tesla, signed in 2018, noticed the Chinese language corporate decide to give you the carmaker with a 5th of its lithium manufacturing.

Along with Ganfeng Lithium and CATL, JL MAG Uncommon-Earth Co., Ltd. and Tianci Fabrics Generation Co., Ltd., and Yahua Staff publicly disclosed their provide contracts with Tesla in 2020, overlaying merchandise like uncommon earth everlasting magnet, lithium battery electrolyte and lithium hydroxide.

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Insiders identified that below the background of emerging buying enthusiasm for brand new power automobiles, Tesla greater the availability of upstream lithium hydroxide merchandise in an effort to boost up the mass manufacturing of self-developed batteries.

Previous, Tesla published within the convention name of the 3rd quarterly file that its self-developed 4680 battery shall be unveiled within the first part of 2022, and it’s imaginable to be implemented at the Type Y.