Elon Musk Suggests Tesla Might Start Mining Lithium

Reducing our carbon footprint and ending reliance on fossil fuels are some of the benefits of the electrification of automobiles.

There is an issue with the availability of rare elements that are needed for the construction of battery packs.

It has proven to be extremely difficult to mine lithium, with a steep environmental toll and considerable humanitarian cost in parts of the world.

We are in the middle of a crisis with global prices of lithium skyrocketing more than 450 percent over the last 12 months, among other reasons.

It sounds like the situation could lead to the creation of a new industry: mining.

The price of lithium has gone to insane levels.

He argued that there is no shortage of the element itself, as it is almost everywhere on Earth.

Considering the amount of resources it would take for the company to start its own business, it is surprising.

Other companies are looking for ways to end our reliance on difficult to extract elements.

Some researchers think zinc could be a worthwhile alternative. Some people think that salt or sodium-ion batteries could be promising.

There is a viable alternative that could be produced at scale and that can rival the energy density of lithium-ion batteries.

Despite the rising costs, it is likely thatTesla will have to rely on lithium in the near future. That means we may see EV makers raising their prices, which will undermine efforts to advocate for widespread adoption.

The cheapest Model 3 in the lineup is now going for over $50,000, which is why the company had to raise prices last month.

The recent inflation pressure in raw materials and logistics is what Musk is seeing.

It is a difficult time for electric vehicle manufacturers. There is an ongoing global chip shortage and political uncertainty resulting from Russia's invasion of Ukraine, driving up commodity prices.

The need for a feasible alternative to lithium-ion batteries has never been more clear, and companies around the world are desperately looking for other ways to meet a surging demand.

It's not clear whether the company will be able to turn things around by establishing its own mines.

There is more on the issue of Musk jumping to fix the glitch.

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