Elon Musk tweeted Tesla might get into the lithium mining and refining enterprise instantly and at scale as a result of the price of the metallic, a key part in manufacturing batteries, has gotten so excessive.
“Value of lithium has gone to insane ranges,” Musk tweeted. “There isn’t any scarcity of the component itself, as lithium is nearly all over the place on Earth, however tempo of extraction/refinement is sluggish.”
The Tesla and SpaceX tech boss was responding to a tweet displaying the common worth of lithium per tonne within the final 20 years, which confirmed a large enhance in costs since 2021. In accordance with Benchmark Mineral Intelligence, the price of the metallic has gone up greater than 480% within the final yr.
There are certainly deposits of lithium all around the United States, in line with the the U.S. Geological Survey, a division of the U.S. Department of Interior.
Lithium is effective in electrical car batteries as a result of it’s each the lightest metal and the least dense solid element. That signifies that batteries made with lithium have a high power-to-weight ratio, which is vital when coping with transportation.
Friday’s tweet will not be the primary time Musk has raised the thought of Tesla mining its personal lithium.
In 2020, Tesla secured its personal rights to mine lithium in Nevada after a deal to purchase a lithium mining firm fell by means of, according to Fortune, which was siting “people familiar with the matter.”