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Musk: ‘Insane’ price of lithium should lead Tesla to extract and refine mineral

Billionaire says that low speed in the production of the commodity is the main vector of appreciation.

Tesla is expected to enter the lithium mining and refining market directly, unless costs fall, according to Elon Musk, the company’s CEO, on Twitter. Mineral is one of the main elements of electric car batteries.

The billionaire classified the rise in prices as “insane”, in a retweet of a publication on the World of Statistics page, which shows a 1,653% appreciation of Lithium since 2012.

“There is no shortage of the element itself, as lithium is found almost everywhere on Earth, but the pace of extraction and refinement is slow,” he said.

Musk even replied “true” to one of the users of the platform who said that it would be possible to transform the entire fleet of vehicles in the United States into electric ones using only the lithium from the state of Nevada.



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