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- Key Tesla Inc TSLA supplier, Contemporary Amperex Technology Co Ltd's (CATL) third-quarter FY21 net income more than doubled to CNY 3.27 billion ($512 million) year-on-year, beating the consensus of CNY 2.61 billion, Bloomberg reports.
- The electric-vehicle battery maker's revenue grew to CNY 29.3 billion.
- The major lithium-iron-phosphate battery supplier for Tesla's China-made models, CATL, will likely increase sales after Elon Musk disclosed plans to shift to the cheaper battery for its standard range models to contain costs.
- Rising commodities prices, including the materials used by CATL in its batteries, have triggered fears over the impact of inflation on manufacturers.
- CATL seeks to be more active upstream and recently agreed to acquire Canada's Millennial Lithium Corp to secure supplies of the critical battery-making mineral.
- Tesla shares are trading higher following a Goldman Sachs price target hike, bullish commentary from investor Ron Baron and continued momentum following the company's recent Hertz deal.
- Price Action: TSLA shares traded higher by 2.69% at $1,045.73 on the last check Wednesday.
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