Tesla secures graphite supply, withdraws termination notice on Syrah deal
TSLA sits 59% above its 52-week low of $273.21.
Summary
Tesla has withdrawn its notice to terminate a graphite supply agreement with Australia's Syrah Resources, indicating that Syrah has made sufficient progress to cure an alleged default. This development ensures the continued supply of graphite, a critical raw material for Tesla's EV battery production, mitigating a potential supply chain risk. It supports Tesla's ongoing efforts to secure battery components, following recent investments in 4680 cell production.
At the time of this announcement, TSLA was trading at $434.35 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.6T. The 52-week trading range was $273.21 to $498.83. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.