Tesla plans to build a cathode plant and get into the lithium mining business

A little more than a year ago, during Tesla’s2019 shareholder’s meeting, CEO Elon Musk said the company “might get into the business of mining minerals used in electric vehicle batteries.”
Today, during Tesla’s so-called Battery Day event, Musk confirmed that the company is taking the first official step by securing the rights to a 10,000-acre lithium clay deposit in Nevada.
The lithium mine is just one piece of Tesla’s broader plan to build a cheaper, more ef