Heavy vertical integration—in-house batteries, cathode material, lithium refining, semiconductors, and AI compute—could durably lower unit costs and reduce dependency on third-party suppliers once these plants ramp, creating a cost structure competitors relying on merchant supply cannot replicate.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s