Elon Musk says lithium refining needs to increase ‘dramatically’

Tesla Inc TSLA CEO Elon Musk says no change copper production “Essential for the transition to sustainable energy.”

What happened: Musk made the comments on Sunday in response to a post on Twitter that said “to scale up green technologies, the world needs to double copper production annually.”

Instead, the world needs to increase lithium refining “dramatically,” according to the entrepreneur.

See also: How to buy electric vehicle (EV) stocks

Why it matters: Most electric vehicles are built using batteries Lithium-ion formula.

Tesla has discovered Establishment of Lithium Refinery on the Gulf Coast of Texas.
The company has been vocal about the need for more players to enter lithium refining in the past as well.

Last year Loop Ventures analyst gene munster said he was not surprised by Tesla’s plan to directly mine and refine lithium and said it was “True Vertical Integration.”

Price Action: Tesla shares closed the regular session up 4.9% at $133.42 on Friday, according to Benzinga Pro Data.

Read next: Tesla takes big step to improve supply of battery materials

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