Tesla CEO Elon Musk is pictured as he attends the beginning of the manufacturing at Tesla’s “Gigafactory” on March 22, 2022 in Gruenheide, southeast of Berlin.
Patrick Pleul | AFP | Getty Photos
Elon Musk tweeted Tesla might get into the lithium mining and refining enterprise straight and at scale as a result of the price of the steel, a key element in manufacturing batteries, has gotten so excessive.
“Worth of lithium has gone to insane ranges,” Musk tweeted. “There is no such thing as a scarcity of the factor itself, as lithium is nearly in every single place on Earth, however tempo of extraction/refinement is gradual.”
The Tesla and SpaceX tech boss was responding to a tweet displaying the typical worth of lithium per tonne within the final twenty years, which confirmed an enormous improve in costs since 2021. In keeping with Benchmark Mineral Intelligence, the price of the steel has gone up greater than 480% within the final yr.
There are certainly deposits of lithium everywhere in the United States, in keeping with the the U.S. Geological Survey, a division of the U.S. Division of Inside.
Lithium is efficacious in electrical automobile batteries as a result of it’s each the lightest steel and the least dense strong factor. That implies that batteries made with lithium have a excessive power-to-weight ratio, which is necessary when coping with transportation.
Friday’s tweet just isn’t the primary time Musk has raised the concept 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 via, in keeping with Fortune, which was siting “folks accustomed to the matter.”