Sigma Lithium Corp’s U.S. shares soared by 21% during extended trading on Friday after it was reported that Tesla is looking to buy out the Canada-based battery metals miner.
According to a Bloomberg report, Tesla is in the process of speaking with potential advisors about launching a takeover bud. As Tesla continues to consider establishing in-house refining processes as a means of cutting outsourcing, the acquisition of Sigma Lithium Corp is being heavily considered as a feasible solution.
Tesla chief executive Elon Musk stated last year that Tesla would be open to purchasing a mining company as a means of producing its own supply of electric vehicle metals. In turn, the company would be able to accelerate the worldwide adoption of clean energy technologies, Musk claimed.
Currently, Sigma Lithium Corp’s market capitalization stands at $3.21 billion; nearly trebling since last year. Tesla currently has several supply contracts for lithium, nickel, and an array of other electric vehicle metals with suppliers across the globe.