Tesla Spend on Australian Minerals Has Tripled in Two Years, Chair Says

By Rhiannon Hoyle

Tesla is spending more than three times as much on Australian minerals than it did in 2021, chair Robyn Denholm said Tuesday.

The electric-vehicle maker expects to spend more than 4.3 billion Australian dollars (US$2.8 billion) on Australian minerals in 2023, up from A$1.3 billion in 2021, Denholm told a mining-industry conference in Canberra.

"Demand for Australian minerals will only continue to rise," she said, highlighting the country's large reserves of commodities such as lithium, the battery ingredient of which Australia is the world's top supplier.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

09-05-23 0122ET