Tesla signed secret nickel supply deal with Vale - Bloomberg News

FILE PHOTO: The logo of Tesla is pictured at a dealership in Chambourcy, near Paris, France, December 15, 2021. REUTERS/Gonzalo Fuentes

(Reuters) - Tesla Inc has secured an undisclosed deal with Brazilian mining company Vale S.A. for the supply of nickel, which is essential to making batteries for electric vehicles, Bloomberg News reported on Wednesday, citing sources.

The price of nickel, which is used to make stainless steel and is a key material for electric vehicle batteries, had been rising steadily even before the conflict in Ukraine drove prices up even further and triggered chaos at the London Metal Exchange in early March.