Tesla Inc. TSLA CEO Elon Musk states that “the transition to sustainable energy does not require changes in copper production.”
What happened: On Sunday, Musk responded to a post on Twitter saying, “To scale green technology, the world needs to double its annual production of copper.”
Instead, the world needs to “dramatically” increase lithium refining, according to the entrepreneur.
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Important reasons: The majority of electric vehicle batteries are made using the lithium-ion formula.
Tesla is considering building a lithium refinery on the Texas Gulf Coast.
The company has also previously been vocal about the need for more players to get into lithium refining.
last year Loop Ventures Analyst Gene Munster He wasn’t surprised by Tesla’s plan to mine and refine lithium directly, calling it “true vertical integration.”
Price action: Tesla shares closed Friday at $133.42, up 4.9% in regular trading, according to Benzinga Pro data.
Read the following: Tesla has taken a big step to improve its supply of battery materials