Elon Musk Says No Copper Production Change Needed In Green Energy Push — But This Metal's Refining Needs To Rise 'Dramatically'

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

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

Instead, the world needs to increase Lithium refinement “dramatically,” according to the entrepreneur.

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Why It Matters: The majority of electric vehicle batteries are made using a Lithium-ion formula.

Tesla has explored the setting up of a lithium refinery on the gulf coast of Texas. 
The company has also been previously vocal about the need for more players to enter lithium refining.

Last year Loup Ventures analyst Gene Munster said that he was not surprised at Tesla’s plans to directly mine and refine lithium and said it was “true vertical integration.”

Price Action: On Friday, Tesla shares closed 4.9% higher at $133.42 in the regular session, according to Benzinga Pro data.

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