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Elon Musk reveals GM being sued for a serious bribery case over battery production!
Huge thank to:
CNBC
Tesla Owners Online
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Elon Musk revealed GM being sued for a serious bribery case over battery production!
With many difficulties in the manufacturing business, GM and its partners had to perform deceitful acts to receive huge profits, up to hundreds of millions of dollars.
It is a severe bribery case, and “The scope of this felony bribery scheme is staggering”.
So how do they solve the problem with the authorities?
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Recently, General Motors material supplier Glencore was guilty of several violations of the Foreign Corrupt Practices Act about bribery and commodity and price manipulation.
It is also one of the partners supplying the cobalt source for battery production for Tesla, so Elon Musk understands what is going on very well. Recently, he revealed these serious scandals.
Glencore was fined up to $1.2 billion.
GM has inked a new cobalt supply deal with Glencore in 2020.
It is an excellent companion for GM in its efforts to develop the electric car industry.
With tight supplies and complex cobalt production and transportation, carmakers and their alliances defy many tricks to make their business more favorable.
These tricks among manufacturers are especially relevant with EV battery materials, which have swelled to record levels as demand increases.
GM and its partners will certainly work together to find secret strategies to avoid supply bottlenecks.
Therefore, only manipulating commodities and prices will get many benefits for themselves.
Elon Musk reveals GM being sued for a serious bribery case over battery production!
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