TechCrunch Summary (2023-05-08 07PM)

Source: Tesla’s new Texas lithium refinery to support 1M electric vehicles by 2025

Summary
Tesla has started building a lithium refinery in Texas, which will produce sufficiently high-quality battery-grade lithium for 1m electric vehicles by 2025. The new facility is yet another Tesla investment in Texas, following a large factory and further plans to expand.

Fact

🔌 Tesla’s future lithium refinery will produce enough battery-grade lithium for one million EVs by 2025.

🌐 The U.S. currently only produces 1% of the world’s lithium.

🏭 Tesla will be the only U.S. automaker to refine its own lithium with the Texas refinery.

🚙 The EV maker will continue to rely on firms like Albemarle and Livent as it works to achieve its 2023 sales aim of about 1.8 million cars globally.

💡 Tesla’s impending refinery is a fundamental choke point in the progress of EVs as accessible battery-grade lithium availability is crucial.

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