Mentioned:
Elon Musk’s Tesla is taking on a new opportunity: refining lithium in America.
What’s happening:
- Tesla (NASDAQ: TSLA) has officially begun operations at their new lithium refinery located in Corpus Christi, Texas
Why it matters:
- This is the first time ever that an automaker in the United States has ever owned and operated their own lithium refinery
Going deeper:
- Tesla invested approximately $1B USD into building the new lithium refining facility which spans across 1,200 acres
- Tesla has publicly stated that their facility can convert hard rock spodumene ore into battery grade lithium hydroxide directly on site and will significantly decrease their dependence on foreign refiners
The intrigue:
- Tesla has also publicly stated they believer their lithium refinery will be able to produce enough lithium hydroxide for roughly 1M new electric vehicles annually
