September 29, 2020 | technology | No Comments
- Deal talks around Tesla acquiring Nevada-based mining company Cypress Development Corp. have fallen through, Bloomberg first reported.
- As the company shifts its plan, it now has the rights to mine Lithium on its own in the state, according to the report.
- The automaker has access to 10,000 acres of “lithium-rich clay deposits,” in Nevada, where the company already has a Gigafactory.
- The company hopes producing Lithium on a large scale will help keep battery costs low and enable it to finish a $25,000 Tesla in “about three years.”
- Visit Business Insider’s homepage for more stories.
Tesla was recently holding acquisition talks with a Nevada-based mining company to advance its ambitious plan to source lithium from clay deposits in the US, but the electric-car company was unable to reach a deal and has since secured the rights needed to legally mine the raw material on its own in the state, Bloomberg’s