Musk is attempting to accelerate production of electric Tesla cars to hundreds of thousands annually over the next few years from about 35,000 units this year, Bloomberg reports.

To make the lithium battery more affordable and accessible, the planned Gigafactory could drive down lithium-ion cell production costs as much as 30%.

Global X Lithium ETF

For more information on the lithium industry, visit our lithium category.

Max Chen contributed to this article.