China’s Ganfeng Lithium inks 3-year supply contract with Tesla -Breaking
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© Reuters. FILEPHOTO: The Tesla logo was photographed in New York at a Tesla store on April 29, 2016. REUTERS/Lucas Jackson/File Photo/File PhotoBEIJING/HONG KING (Reuters) –China’s Ganfeng lithium Co Ltd and GFL International Co Ltd signed a contract for the supply of battery-grade lithium products in America to Tesla (NASDAQ:) Inc.
Ganfeng has been supplying lithium of high quality to EV makers, including Tesla, since it was listed as the top-ranking lithium company in the world.
Ganfeng, in filings to Shenzhen Stock Exchange on Monday, stated that the new contract would allow Tesla and the unit it serves to supply products for three years beginning from 2022.
According to the filing, the sales value and amount of the contract remain pending Tesla purchase orders.
Ganfeng’s third quarter and nine-month net profit increased by 507% and 6488% respectively due to strong demand and rising lithium prices.
Jiangxi’s firm announced an investment of 8.4 billion Yuan (1.31 billion USD) in two projects for battery production in August.
Ganfeng shares rose more than 60% to close at 162.1yuan Monday.
($1 = 6.3965 renminbi)
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