News: VUL UPDATE 1-Carmaker Stellantis strikes nickel sulphate supply deal with Terrafame

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PARIS, Jan 18 (Reuters) - Carmaker Stellantis STLA.MI and Finnish company Terrafame announced on Wednesday that they had struck a deal whereby Terrafame will supply Stellantis with nickel sulphate over a five-year period, starting from 2025 onwards.

"This agreement is part of the key raw material sourcing to fit with our electrified vehicle battery pack needs,” Stellantis Chief Executive Carlos Tavares said in a statement.

Stellantis, the world's third-largest automotive group by sales, including brands Peugeot, Fiat, Chrysler and Jeep, wants 100% of its European passenger car sales and 50% of its U.S. passenger car and light-duty truck sales to be battery electric vehicles by 2030.

The carmaker said the agreement with Terrafame "will cover a significant portion of the needs for sustainable regionally sourced nickel."

Last week, Stellantis struck a deal with Australian miner Element 25 (E25) for the supply of manganese sulphite, the latest in a series of accords for the procurement of raw materials for electric batteries.