- Tesla (NASDAQ:TSLA) is prepping to start selling some Model 3 vehicles made out of Shanghai in China equipped with cobalt-free lithium iron phosphate batteries, sources tip Reuters.
- The switch to LFP batteries for the Chinese-made Model 3s from using nickel-manganese-cobalt batteries is expected to save costs.
- Tesla is expected to make an announcement on the change as early as tomorrow.
- The price of cobalt (LCO1:COM) has gone down over the last few years, but is still a constraint on trying to push past the $100 per kWh goal. Glencore (OTCPK:GLCNF) is a supplier to Tesla of cobalt.