Tesla (TSLA) will spend more than $1 billion a year acquiring raw materials for developing electric batteries. According to Reuters, the spending drive will mostly target Australia's mining industry, given the responsible mining practices in play. The electric vehicle giant gets three-quarters of its lithium supplies from Australia. The country also accounts for more than a third of the company's nickel demand. Australia should benefit a great deal given the strong demand for electric vehicles and its rising need for energy storage facilities.
https://www.tipranks.com/news/tesla-to-spend-1b-on-battery-minerals-from-australia-report
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