Tesla Inc.’s
TSLA,
new lithium refinery in Texas will break ground in May, Tesla executives said on a call late Wednesday after the EV maker’s first-quarter results. Tesla filed paperwork for the refinery in September, saying that the facility would be the first of its kind in North America. The refinery is in the Corpus Christi, Texas, area, nearby the major Corpus Christi port. Tesla has said it expects the refinery to reach commercial operations by the end of 2024. Tesla stock dropped 3% in the extended session after recent price cuts dented profit margins for the company in the first quarter. Commodity prices, lithium included, are expected to come down in the second half of the year, the Tesla executives said.
