Tesla looking to set up lithium refinery in Texas
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Tesla (NASDAQ:TSLA) is looking to establish a lithium refinery on the gulf coast of Texas in an effort to secure steady supply of battery components amid surging EV demand, Reuters reported on Friday.
In an application filed with the Texas Comptroller's Office, the EV maker said that the potential battery-grade lithium hydroxide refining facility will process "raw ore material into a usable state for battery production", adding that the decision to invest in Texas is driven by the ability to obtain relief on local property taxes.

The application dated Aug. 22 also says that Tesla (TSLA) would use less hazardous reagents and create usable byproducts as compared to the conventional process. If approved, construction could begin in Q4 of 2022, likely reaching commercial production by the end of 2024
Lithium prices have surged this year due to growing demand from the auto sector. If Tesla's (TSLA) plan goes ahead, it could become the first in the industry to invest directly in lithium.
TSLA shares have gained 1.42% pre-market
Previously (Sep 08): Tesla triples deliveries of China-made cars in August