Electric vehicle giant Tesla Inc. (TSLA) is reportedly planning to build a lithium refining factory in Texas.
According to CNBC, in an application filed with the Texas Comptroller's Office, Tesla is seeking tax rebates to build a plant in the state.
"The potential battery-grade lithium hydroxide refining facility, which Tesla touted as the first of its kind in North America, will process "raw ore material into a usable state for battery production", the company said in an application filed with the Texas Comptroller's Office."
If the project is approved, Tesla says that it could start construction as soon as in the fourth quarter of 2022, which would enable it to reach commercial production by the end of 2024.
In April, Tesla CEO Elon Musk said the company may need to get into lithium refining because the cost of the metal had "gone to insane levels." Musk had referred to the facility as a "license to print money." The price of lithium is up 120% this year.
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