Musk Tamps Down Speculation That Tesla Will Mine Lithium

Tesla Inc. is more focused on refining lithium than on mining the battery metal, Chief Executive Officer Elon Musk said amid speculation the automaker is mulling the takeover of a miner.

The “limiting factor” is refining lithium, not actually finding it, as no country has a monopoly on deposits, Musk said Wednesday during the electric vehicle giant’s investor day.

Tesla has broken ground on a proposed lithium refinery in Corpus Christi, Texas, and aims to start output within a year, said Drew Baglino, senior vice president of powertrain and energy engineering, at the event. The EV giant wants ...