Tesla Announces New Business, Market Shares SkyRocket
By Caelan Webster, Finance, The Pawprint
Tesla recently proposed a venture into Lithium Refining, in which they will open a facility in Texas. The Facility will be capable of producing lithium hydroxide, allowing Tesla to make better-performing batteries for their cars.
The Permitting application states that production could begin in 2024, with the facility itself being “one of a kind”. Elon Musk himself stated his reasons for working with Lithium refining, saying that “You can’t lose. [Lithium refining] is a license to print money.”
Investors are excited about the news, with shares in the company soaring 3.6% on Friday. This jump marked the end of last week’s full market turn-around, wherein the Nasdaq rose 4.1%. For the entirety of last week, Tesla rose a staggering 10.9%, a movement investors hope can carry into this week as well.
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