Electric vehicles (EVs) have been growing in popularity amid climate initiatives to reduce carbon emissions, yet production is being hampered by a shortage of lithium, an essential element for making electric batteries.
CAR COMPANIES PLAN FOR ELECTRIC VEHICLES BY 2040, BUT INFRASTRUCTURE DEMANDS POSE MAJOR STUMBLING BLOCK
He said that Tesla might get into the mining and refining directly at scale, unless the price came down. At a Wednesday earnings call, Musk told analysts that lithium production is a hurdle to meeting EV demand and urged entrepreneurs to get into the mining business. Tesla’s revenue for the quarter was around $18.76 billion – beating estimates of $17.85 billion. It was boosted by multiple price hikes meant to offset rising costs of lithium, nickel, cobalt, and other raw materials.
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