Tesla Inc. is extra targeted on refining lithium than on mining the battery metallic, Chief Government Officer Elon Musk stated, as the EV giant ideas to begin refining generation within just a yr.
The “limiting factor” is refining lithium, not actually locating it, as no state has a monopoly on deposits, Musk stated Wednesday through the electric powered car giant’s trader working day.
Tesla has damaged floor on a proposed lithium refinery in Corpus Christi, Texas, and aims to commence output in just a yr, Drew Baglino, senior vice president of powertrain and strength engineering, explained at the party. The EV giant needs to process lithium concentrates into battery-grade lithium substances at the Texas refinery.
The business hasn’t responded to stories it’s been mulling a takeover of miner Sigma Lithium Corp. amid rampant demand for the substance important to powering EVs.
Automakers have aggressively pushed into mining to lock in offer for batteries as electric powered-vehicle revenue rise. Stellantis NV took a 14% stake in a McEwen Mining Inc. copper subsidiary, and Basic Motors Co. is mentioned to be vying for a stake in Vale SA’s foundation metals device. In January, GM struck a $650 million pact with Lithium Americas Corp. to create a US lithium deposit.
As for nickel — another key component in EV batteries — Musk claimed it’s only necessary for “aircraft, prolonged-assortment vehicles or trucks.”
“The wide bulk of weighty lifting” of EV batteries will be iron-primarily based batteries, and there’s loads of iron in the entire world, he said.