Tesla set to pay for chips in advance to overcome shortage - FT

FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo

(Reuters) - Tesla Inc plans to pay in advance for chips to secure its supply of the crucial materials in a move to overcome the global chip shortage, the Financial Times reported on Wednesday, citing people familiar with the matter.

The electric-car maker is also exploring buying a plant as a part of the efforts, according to the report. (https://on.ft.com/3flWwFU)

Tesla could not immediately be reached for comment.

(Reporting by Sahil Shaw in Bengaluru; Editing by Shounak Dasgupta)