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Tesla Motors Inc Looks for Lithium as Model 3 Design Leaks

Tesla Motors Inc (TSLA) Autopilot

Tesla Motors Inc (NASDAQ:TSLA) has shown that EVs might change the transport space within the next decade. Batteries are an important part of EVs, and Tesla wouldn’t have stood a chance if it had not created a 200+ mile range on its Model S. The firm is building a gigafactory where it hopes to mass-produce the batteries that would power its cars. It expects to see decent cost savings (which would help lower the price of its cars) once the plant is running.

Tesla Motors Inc (TSLA) Autopilot

Tesla might soon sign up a lithium ion deal

Yet, the success of Tesla’s Gigafactory depends on the ability of the firm to secure deals for the supply of lithium ion to the plant. Without a steady (cheap) supply of lithium, the plant would just be one giant of a factory that can’t make a dent in the transport space. On Thursday, Reuters report that Tesla Motors has met with authorities in Chile to discuss a lithium venture with state copper miner Codelco.

The world’s biggest deposits of lithium are found in Chile, Argentina, and Bolivia. A local paper reports “Top executives from the company (Tesla Motors) visited Chile to meet with government authorities and suggest an agreement with Codelco.”  The firm confirms that it is already in talks with Tesla Motors Inc (NASDAQ:TSLA) but it notes that “a formal process for exploring for lithium has not started, nor has the board even taken a decision on that.”

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Model 3 Renders are out

Tesla Motors Inc (NASDAQ:TSLA) has two cars on the road– the Model S and the Model X and the firm has teased a mass market EV, the Model 3. The Model 3 will be unveiled in March 2016 and the firm hopes to begin deliveries sometime in 2017. Tesla Motors  needs to launch a mass market EV in order to counter the notion that it is a car brand for luxury high-end cars. Elon Musk’s aim is to trigger a massive change to use green energy for transport.

Nobody outside of the design team at Tesla knows what the Model 3 would look like. Tech Buffalo reports that some renders of the Model 3 has started surfacing on the Internet. One of the latest renderings suggests that the Model 3’s design will most likely be inspired by the Model S and the Model X. There are also hints that Tesla Motors might borrow some design cues from the BMW 3-series GT vibe.

Last month, rumors surfaced that the Model 3 might have weird design that would favor aerodynamics and reduce the drag of the car. The Model 3 might have wheel covers, the trunk of the car might be more tapered than the trunks of the Model S and the Model X. Irrespective of how the design of the Model 3 turns out, it is obvious that the Model 3 would be the car that will make or mar Tesla.

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Victor Alagbe

Victor Alagbe is a seasoned business and finance writer with a specialty in writing about how to invest for the long-term in healthcare, pharmacology, energy and tech stocks. His long-term focus is on stocks that provide a nice mix of growth and income. For the short term, he passionately writes about trading stock options for the excitement and leverage that stock options offer.
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