Tesla Inc (NASDAQ: TSLA) engaged in discussions with Glencore Plc (LON: GLEN) on the electric car manufacturer potentially acquiring stakes in Glencore, a Switzerland-based commodity trading and mining firm.

Preliminary negotiations over EV manufacturer Tesla acquiring between 10% to 20% of Glencore first started in 2021. But these talks ran into a complication in March 2022 after Tesla posed concerns over the environmental effects of coal mining operations done by Glencore.

Vehicle manufacturers all across the globe are competing to clinch down their raw material supply sources. In efforts to establish secure supplies of battery materials, such as lithium, cobalt, and nickel, Tesla is looking to acquire a 20 per cent stake in Glencore.