Stellantis, the third-largest automotive group by sales globally, on Wednesday announced a deal with Finland’s Terrafame, under which the latter will supply the car maker with nickel sulphate over a period of 5 years, starting from 2025.
“This agreement is part of the key raw material sourcing to fit with our electrified vehicle battery pack needs,” Stellantis’ Chief Executive Officer Carlos Tavares said in a statement, cited by Reuters.
The auto maker said the deal with Terrafame “will cover a significant portion of the needs for sustainable regionally sourced nickel.”
Earlier in January, Stellantis signed a binding agreement with Element 25 over the supply of battery grade, high purity manganese sulphate monohydrate.
As of 11:38 GMT on Wednesday the shares of Stellantis NV (STLA) were edging up 0.42% (EUR 0.060), while extending the gains from the previous two sessions, to trade at EUR 14.422 in Milan.
The shares of Stellantis NV went down 20.51% in 2022, compared with a 13.31% loss for the benchmark index, FTSE MIB (FTMIB).
In New York, the auto maker’s shares closed 0.19% ($0.03) higher at $15.45 on Tuesday, with the company’s total market cap now standing at $49.65 billion.