Elon Musk’s electric car company Tesla hosts its annual shareholder meeting on Tuesday, Sept. 22, followed by the highly anticipated “battery technology day”, a worldwide live-streamed event during which the firm is expected to unveil its own new type of battery cell.
Speculation points to a cobalt-free battery that uses more of less costly metals such as nickel and manganese.
Tesla currently uses the nickel rich nickel-cobalt-aluminum cathode chemistry, which has a low cobalt content of about 5%, for their cars produced outside China.
The company also embraces the Responsible Minerals Initiative (RMI) to identify red flags such as child labour in their cobalt sourcing.
A reportedly signed deal between Tesla and Glencore (LON: GLEN) in June has cast doubts on the company’s statement that it’s close to eliminating cobalt from its batteries altogether.
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