China's Ganfeng Lithium Cuts 3-Year Supply Deal With Tesla

China's Ganfeng Lithium Co. Ltd. and its unit GFL International Co. Ltd. have signed a contract to supply battery-grade lithium products to US electric vehicle (EV) maker Tesla Inc., Min Zhang and Meg Shen reported for Reuters.

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Ganfeng, the world's top lithium company by market capitalization, has already supplied battery-grade lithium to EV producers, including Tesla.

The new contract will allow the company and its unit to provide products to Tesla for three years starting from 2022, Ganfeng said on Monday in a filing to the Shenzhen Stock Exchange, Channel News Asia (CNA) also reported.

The sales amount and value of the contract are still pending Tesla's purchase orders, according to the filing. Ganfeng has posted stellar earnings this year, with its third-quarter and nine-month net profits up 507 percent and 648 percent on an annual basis, respectively, thanks to rising lithium prices and robust demand.

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