Tesla to mine own material
Tesla CEO Elon Musk has confirmed that the company is officially entering the mining business. Making the announcement at Tesla’s Battery Day, Mr Musk said the rights to a 10,000-acre lithium clay deposit in Nevada had been secured. The possibility had been flagged at last year’s shareholder’s meeting, when it was teased that Tesla “might get into the business of mining minerals used in electric vehicle batteries”. The lithium mine not only lets Tesla build a cheaper, more efficient battery that will ultimately allow it to lower the price of its vehicles, but also will bring its supply chain closer to its home. Mr Musk and Drew Baglino, the SVP of powertrain and energy engineering at Tesla, laid out the...