October 31, 2022
By : Quick Insurance Guru
Tesla (TSLA -0.43%) stock declined, along with most of the technology sector.
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The tech-heavy Nasdaq Composite Index was down about 1.5% in early trade.
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Tesla shares were down 1.6% after falling nearly 3% earlier.
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The report said that Tesla is in talks to take between 10% and 20% stake in Glencore.
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Tesla already has an agreement with Cobalt to supply the electric vehicle (EV) maker for battery production for Glencore.
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Highlights about the supply of raw materials for investors. EV Leader accelerates production with a target of 50% annual growth.
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Tesla has also filed documents relating to the creation of its own lithium-refining operation to supply its battery production in the US.
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If Tesla achieves its vehicle-production growth target, it will make more than 4 million EVs annually by 2025.
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This compares to less than 1 million last year. But Elon Musk sees a potential for 20 million vehicles per year.
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If investors have any concerns about it achieving big growth, that valuation will appear too high.
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