Tesla inks battery materials deals with two Chinese suppliers

Tesla Inc. has signed new long-term deals with two of its existing Chinese battery-materials suppliers, the latest move by automakers to secure supplies amid intensifying competition. Zhejiang Huayou Cobalt Co. and CNGR Advanced Material Co. signed pricing agreements with the electric-vehicle giant for supplies until the middle of this decade, according to separate stock-exchange statements from the companies. The deals are for ternary precursor materials — chemical cocktails that are key to storing energy in lithium-ion batteries. The announcements come as major automakers look to scoop up battery metals in the face of a looming shortage. General Motors Co. unveiled…