Elon Musk posted on Twitter that, Tesla might get into lithium mining and purifying business directly and at scale because the cost of the metal is rising and a salient integral in manufacturing batteries, has gotten high.
Must tweeted, “Lithium price has gone to insane extent.” And further said, “The element itself is not scarce, as lithium is nearly everywhere on Earth, but pace of refinement is slow.”
As stated by Benchmark Mineral Intelligence, the price of the metal has gone high more than 480% in the prior year. The Tesla and SpaceX tech boss was replying to a tweet showing the mean cost of lithium per ton in the last two decades, which showed a tremendous increase in prices since 2021.
According to the US Geological Survey, a division of the US Department of Interior, there are indeed deposits of lithium all over the US.
Lithium is valuable in electric vehicle batteries because it is both the lightest metal and the lease dense solid element, which means that batteries made up with lithium have a high power-to-weight ratio, which is crucial when dealing with transportation.
Musk has mentioned the possibility of Tesla mining its own lithium before, including in a tweet on Friday.
According to sources, which cited “people familiar with the subject,” Tesla won its own rights to mine lithium in Nevada in 2020 after a plan to buy a lithium mining business fell through.
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