Elon Musk: Tesla may have a new business with extremely high profits
Elon Musk tweeted that Tesla is likely to get involved directly and on a large scale in lithium mining and refining because the cost of the metal, a key ingredient in battery production, has risen too high.
“The price of lithium has gone up to crazy levels,” Musk wrote on Twitter. “The element itself is not lacking, as lithium is almost everywhere on Earth, but the rate of extraction/refining is very slow.”
The Tesla and SpaceX tech boss responded to a tweet showing that the average price per ton of lithium over the past two decades has increased a lot especially starting in 2021. According to Benchmark Mineral Intelligence, in 2021 alone, the price The composition of this metal has increased by more than 480%.
According to the US Geological Survey, lithium actually has sizable reserves throughout the United States.
Lithium plays a role in electric vehicle batteries because it is both the lightest metal and the least dense of the element. That means batteries made of lithium have a high power-to-weight ratio, which is important when manufacturing vehicles.
Friday’s tweet isn’t the first time Musk has raised the idea of Tesla mining its own lithium.
In 2020, Tesla secured its own lithium mining rights in Nevada after a deal to buy a lithium mining company fell through. According to Fortune, Tesla is currently looking for partners specializing in this field.
(According to CNBC)
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