Tesla negotiating nickel supply contract with BHP Group to slash battery cost

According to sources familiar with the matter at hand, Tesla Inc is negotiating a nickel supply deal with the BHP Group as part of a broader effort to ramp up production and meet higher production targets in an effort to avoid a supply crunch.

The two are in advanced negotiations and a final agreement has yet to be reached. Sources say burrs in pricing have to be ironed out.

Neither Tesla nor BHP immediately responded to requests for comments.

Earlier in July on a post earnings call, Tesla’s CEO Elon Musk, urged miners to produce more nickel, a key ingredient in the company’s electric batteries that powers its electric cars, warning that the current cost of batteries is a hurdle to Tesla’s growth.

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