The Financial Times recently reported that Tesla had talks with Glencore about taking a stake in the Swiss mining giant. It seems that Tesla and Glencore held some sort of discussions starting as early as last year. Discussions apparently continued until March this year when Glencore’s chief executive Gary Eagle visited Tesla’s Fremont Factory.
According to the FT, Tesla supposedly planned to buy a minority equity stake of 10% to 20% in Glencore but both parties were unable to reach an agreement. Tesla had concerns over Glencore’s coal mining business which conflicted with the EV manufacturer’s environmental goals.
However, at an investor's conference today in New York, Tesla's CEO Elon Musk said that Tesla "never contemplated investing in Glencore." It's not clear what led the FT to think that Tesla was considering investing in Glencore, but there may have been conversations between Tesla and Glencore as Tesla tries to secure mining materials.
Glencore does plan to align itself with the objectives of the Paris Agreement, reaching net-zero emissions by 2050 and shrinking its coal portfolio over time.
Glencore is the world’s largest trading house and producer of cobalt in the Democratic Republic of Congo, Australia, and Canada. A few years ago, Tesla secured a cobalt offtake agreement with the Swiss mining giant for Giga Shanghai and Giga Berlin.
Will Tesla invest in mining?
Although talks between Tesla and Glencore did not lead to Tesla considering an investment in the mining giant, the discussions hint that Tesla is interested in what's happening in the mining industry.
Elon has said in the past that he prefers not to enter the mining industry, although Tesla will if they have to. Mining could become more of a constraint as Tesla increases vehicle production and scales the 4680 battery assembly line.
At the Q3 2022 earnings call, Elon was asked about vertically integrating into mining, and he responded:
“We’ll do whatever we have to. Whatever the limiting factor is, we’ll do. We do not artificially constrain ourselves. We don’t vertically integrate just for the hell of vertically integrating,” Elon Musk replied to Jonas.
“Like if there was a great supplier who’s better than us or we think is at least very good, or even where the economics of comparative advantage suggests that we should use that supplier, even if we could beat them, but we could use our resources to do something else that will be more productive, then we would in source in that case. But if we have to go mine, we will mine,” Musk explained.
The rise of EVs has caused many carmakers to become more involved in the mining industry to secure raw materials such as cobalt, lithium and nickel that are needed to manufacture batteries.
These types of discussions will likely continue as the need for such raw materials increases. It is possible that Tesla's Master Plan Part 3 will involve the acquisition of a mining company so that Tesla can “scale to extreme size to shift humanity away from fossil fuels.”
Subscribe
Subscribe to our newsletter to stay up to date on the latest Tesla news, upcoming features and software updates.
Tesla has issued a strong denial in response to a Wall Street Journal report (Paywall) which claimed that Tesla’s Board of Directors had initiated a search for a new CEO.
In a statement posted directly on Tesla’s X account, Board Chair Robyn Denholm denied the report unequivocally. As per the statement, Tesla’s board did not reach out to recruiting firms in search of a new CEO.
Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company.
This is absolutely false (and this was communicated to the media before the report was published).
The statement reaffirmed the board’s position on Tesla’s current leadership and that the board is highly confident in Elon’s ability to continue executing Tesla’s plans and future growth.
This confidence behind Elon follows his recent statements made during the Q1 2025 Earnings Call that he would be stepping back from the Department of Government Efficiency (DOGE) in the coming days and significantly reducing time spent there. Instead, he would be returning to focus on Tesla’s operations and the upcoming deployment of Robotaxi.
Shortly after the denial was posted, Elon Musk also commented on the report, specifically tagging the Wall Street Journal and criticizing their handling of the report.
It is an EXTREMELY BAD BREACH OF ETHICS that the @WSJ would publish a DELIBERATELY FALSE ARTICLE and fail to include an unequivocal denial beforehand by the Tesla board of directors! https://t.co/9xdypLGg3c
We’re glad to see Tesla and Elon set the matter straight, but there could have been a better way to spread this message and maybe even prevent the report from WSJ from going out.
We recently published an opinion piece on why Tesla needs its PR team back, and this specific incident is a good example. Relying solely on platforms like X for critical corporate communications - and in this case, late at night (1 AM EST), with limited reach outside the existing follower base seems like an ineffective way of communicating important company information.
We’d love to see Tesla really put some thought into managing its image, as it seems that several recent reports from major financial news organizations have apparently been wrong.
Either way, the board’s stance is clear - there is no active search underway, and Elon has the full backing and support of the board to lead Tesla toward the future.
Tesla’s Megapack is rapidly becoming a key component in energy storage and grid modernization efforts worldwide. Though often associated with powering AI infrastructure or industrial operations, Megapack’s true strength lies in its ability to stabilize electrical grids during blackouts and brownouts.
In a recent behind-the-scenes reveal, Tesla showcased the impressive scale of Megapack production at its Mega Lathrop facility, along with real-world examples of how these systems are already transforming energy resilience across the globe.
Mega-Scale Megapack
Tesla is operating the largest utility-scale battery manufacturing facility in North America at Mega Lathrop, which has the capacity to produce 10,000 Megapacks annually. Thanks to a highly automated assembly process that uses over 30 welding robots to assemble the core Megapack structure. This is the largest manufacturing fixture Tesla uses— likely to only be matched by future developments at Mega Shanghai.
Tesla uses a highly automated powder coating process, utilizing over 90 robotic paint atomizers to apply more than 140 pounds of powder coat to each Megapack. This process delivers Tesla’s signature white reflective finish, engineered for long-term durability and corrosion resistance that lasts up to 20 years, even in harsh coastal or high-heat environments.
All of Megapack’s power electronics are designed and built in-house. Each Megapack uses 24 battery modules, electrical busing, and thermal management systems to ensure grid reliability and help to maximize energy density. The architecture pairs each inverter with a battery module to maximize energy availability and overall uptime. Plus, before each Megapack ships its way across the world, Tesla performs rigorous on-site quality control to ensure that the installation process is as seamless as possible.
Watch Tesla’s video of the manufacturing process below:
Megapack’s Real-World Impact: Hawaii
The core purpose of Megapack is to make power grids more stable and resilient while also reducing reliance on dirty peak power plants like coal. They achieve this by balancing energy supply and demand in real-time, smoothing out fluctuations from variable renewable sources like solar and wind, which helps to prevent grid shortages.
Hawaii actually provides the most real and down-to-earth example of Megapack’s impact. In mid-2024, the Kapolei Energy Storage facility in Hawaii came online. Hawaii utilized 258 Megapacks with a combined capacity of 565 MWh, successfully replacing the state’s last coal-fired power plant. This single facility can power approximately 20% of Oahu’s peak electricity needs by itself for approximately 4 hours.
The project is more than just removing coal plants, though. It serves as an example of Megapack’s grid integration and grid forming technology. The Kapolei Energy Storage facility can manage grid fluctuations caused by weather changes impacting renewable energy, improving stability and preventing blackouts. Thanks to their rapid inverter response times of under a millisecond, Megapacks participate in complex grid balancing activities, including fast frequency and voltage support, which helps to maintain grid balance throughout the day. Beyond that, Kapolei also allows Hawaii to black-start the grid in case of a major power outage that takes out a large section of the grid.
This functionality would be especially useful in Spain, where black-starting the grid took over eight hours recently and is still disrupting the day-to-day life of people there.
You can check out Megapack’s real-world impact in this video from Tesla below:
![Tesla’s B-Pillar Recording Requires HW4 [Update: New Dashcam Viewer Included on HW3 / Ryzen Vehicles]](https://www.notateslaapp.com/img/containers/article_images/tesla-screen/dashcam-viewer-hw3.jpg/ba8281c93679d2cf4a405a771e96b167/dashcam-viewer-hw3.jpg)
![Tesla Semi Keynote: New Features, 46 Charging Sites, Upgraded Battery & More [VIDEO]](https://www.notateslaapp.com/img/containers/article_images/semi/semi-new-features.jpg/c7df4e0d32f8cb0beee080ad201e943b/semi-new-features.jpg)
