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Is Elon Musk's Next Venture Mining?

Kitco News

With vehicle production at Tesla constrained by how fast the company can produce batteries, Elon Musk said his company may have to go upstream and into the mining business.

Musk made the statement yesterday at Tesla's annual shareholder meeting at about the one hour mark. His remarks were guarded:

"We are matching the product roll out to the scale of battery production. That's really the main limiting factor," said Musk.

"As we scale battery production to very high levels, we have to look further down the supply chain. We might get into the mining business. At little bit, at least."

"We will do whatever we have to do in order to ensure we scale at the fastest rate possible."

Musk said slowing production is not an option. He wants to electrify vehicle transport as soon as possible. He is still mulling over the venture.

"We don't want to let the cat out of the bag, too much. It is still in the bag."

Getting into another vertical would certainly not be a first for Musk. Aside from Tesla, he also runs Space X and The Boring Company, and a solar roof business was folded into Tesla three years ago.

Creative Commons image of Elon Musk oveseeing the construction of Gigafactory courtesy of Ma href=”https://www.flickr.com/photos/jurvetson/”Steve Jurvetson
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