Tesla wants to leverage an expiring state tax incentive program to build what could be the nation’s first plant that produces battery-grade lithium hydroxide, which electric cars require for energy storage. | via TexasTribune
The Austin-based electric car company Tesla wants to leverage an expiring state tax incentive program to build what could be the nation’s first plant that produces battery-grade lithium hydroxide, which electric cars require for energy storage purposes. Tesla applied for a tax break under a state program that would enable the company to potentially avoid millions in property taxes to build the projected $375 million plant in Nueces County.
The impending end of Chapter 313 has touched off a rush of applicants, state officials testified at a legislative hearing this week, as the state’s energy and manufacturing companies try to lock in massive property tax breaks before time runs out. Tesla hopes to build the lithium hydroxide refinery amid increasing demand for electric vehicles that has caused the lithium market to surge. Between June 2021 and June 2022, the price of the lightweight metal increased more than sixfold, according toTesla CEO Elon Musk has publicly expressed interest in the lithium market, referring to the processing business of the rare metal as a “license to print money”in July.
“In the case of the investment on this proposed project in Texas, the decision will be based on a number of commercial and financial considerations, including the ability to obtain relief regarding local property taxes,” Tesla’s application said., the tax program could save Tesla about $16.2 million in taxes.
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