SMM9, March 29: Tesla acquired its own lithium mining rights in Nevada after giving up its acquisition of a company, according to people familiar with the matter.
The carmaker has been working with Cypress Development Corp. in recent months Negotiations were held-the latter was trying to extract lithium from a clay mine in southwestern Nevada, but no agreement was reached. Tesla instead focused on his own plan to mine lithium in the state outlined by Elon Musk, chief executive, last week. The electric car maker has vowed to cut battery costs by 50 per cent.
