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Why Is Sigma Lithium (SGML) Up 20% Today?
Source: Shutterstock
Sigma Lithium (NASDAQ:SGML) stock is climbing higher on Tuesday following reports that Tesla (NASDAQ:TSLA) is considering buying…
Source: Shutterstock
Sigma Lithium (NASDAQ:SGML) stock is climbing higher on Tuesday following reports that Tesla (NASDAQ:TSLA) is considering buying the company.
According to these reports, Telsa wants to secure its own lithium mining company to reduce the costs of production for its electric vehicles (EVs). This has it allegedly targeting Sigma Lithium as an acquisition to meet this goal.
The reports claim that A10 Investimentos is behind the push for Tesla to buy Sigma Lithium. A10 Investimentos is the largest shareholder of SGML stock and wants the company to consider a sale. It’s even reportedly reaching out to potential buyers, including Tesla.
Finer details of a potential deal between the two companies are unknown. However, investors will keep in mind that Sigma Lithium was last valued at $3 billion when thinking about what Tesla might pay for the lithium mining company.
More TSLA Stock News
To go along with this news, Tesla also signed a graphite deal with Magnis Energy (OTCMKTS:MNSEF). This has it securing a supply of graphite for EV battery production starting in Feb. 2025.
SGML stock is seeing heavy trading today as some 2 million shares trade hands. For perspective, the company’s daily average trading volume is closer to 564,000 shares. SGML stock is also up 19.8% as of Tuesday morning
Investors looking for more of the latest stock market news on Tuesday will want to keep reading!
InvestorPlace is home to all of the latest stock market coverage traders need to know about on Tuesday. That includes what’s happening with shares of Nio (NYSE:NIO) stock, tech stock, and Alibaba (NYSE:BABA) stock today. You can catch up on all that news at the following links!
More Tuesday Stock Market News
- NIO Stock Alert: Get Ready for This BIG European Catalyst
- Tech Stocks Rally Forces Hedge Funds to Give Up on Short Sales
- BABA Stock Alert: What to Know as Ant Group Teams Up With China’s NBA League
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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