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Tesla Aims to Mine Its Own Lithium After Dropping M&A Plan

  • Deal talks to buy miner Cypress Development Corp. fell through
  • Elon Musk said Tesla has rights to over 10,000 acres in Nevada
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Tesla Inc. secured its own lithium mining rights in Nevada after dropping a plan to buy a company there, according to people familiar with the matter.

The automaker held discussions in recent months with Cypress Development Corp., which is seeking to extract lithium from clay deposits in southwest Nevada, but the parties didn’t reach a deal, the people said, asking not to be named because the information isn’t public. The electric carmaker, which has vowed to slash its battery costs by 50%, instead focused on the plan that Chief Executive Officer Elon Musk outlined last week to dig for lithium on its own in the state.