Talks over buying up to 20 per cent of miner reflect carmakers’ concerns over supplies of battery metals
Tesla held talks with Glencore about taking a stake in the Swiss commodities group, in a sign of how global carmakers are seeking to build ties with the mining industry to secure materials needed for the rollout of electric vehicles.
Preliminary discussions about Elon Musk’s electric car and battery maker buying 10-20 per cent of Glencore began last year, according to two people familiar with the matter.
They continued in March this year, when Glencore chief executive Gary Nagle visited Tesla’s factory in Fremont, California as part of a roadshow for the mining company’s annual results.
However, the discussions ended with no deal reached, according to the two people. Tesla had concerns over whether Glencore’s extensive coal mining business was compatible with the carmaker’s environmental goals, and was reluctant to take a minority equity stake.
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