Tesla looked at taking stake in Glencore last year before passing
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Tesla (NASDAQ:TSLA) held preliminary talks with Glencore (OTCPK:GLCNF) in 2021 about taking a stake as large as 10% to 20% of the Swiss commodities trading and mining giant, according to a report from Financial Times.
The interest from Tesla was tied to looking for raw material sources for the cobalt, lithium, and nickel that are needed to make EV batteries.
Sources indicated that the talks continued in March of this year, when Glencore CEO Gary Nagle visited Teslaâs factory in Fremont, California as part of a roadshow surrounding the release of the annual report. It appears that the deal talks ended when Tesla (TSLA) voiced concerns over whether Glencoreâs extensive coal mining business was compatible with the electric vehicle maker's environmental goals.
Earlier this year, Elon Musk tweeted that Tesla (TSLA) might have to get into the mining and refining directly at scale, unless costs improve, although there has not been any big announcement on that front.
FT reported that Tesla (TSLA) is advancing with its own plans to build a lithium hydroxide refinery on the Texas Gulf Coast. For its part, Glencore already has cobalt offtake agreements with battery makers SK Innovation and Samsung SDI, as well as auto giant carmakers BMW (OTCPK:BMWYY) and General Motors (GM).
Shares of Tesla (TSLA) began the week with a 0.71% dip to $226.90 in premarket trading.