Highlights

  • Lithium prices are up nearly 500% in the last one year
  • Global rush towards EVs is pushing demand higher

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Elon Musk wants to mine Lithium, here is why

Musk tweeted. “There is no shortage of the element itself, as lithium is almost everywhere on Earth, but the pace of extraction/refinement is slow.”

Elon Musk is making news on Twitter but this time not about Twitter! The world's richest man signalled that EV maker Tesla may finally take the plunge into Lithium mining and refining.

Responding to a tweet showcasing the soaring price of the metal, Musk said that it was due to the insane prices that the EV maker may dig in to the industry to make it more efficient and hence cheaper. Lithium prices are up nearly 500% in the last one year.

Lithium is a key component in electric vehicle batteries and so automakers are racing to secure supplies, expecting surge in demand amid a global push for the electrification of vehicles.

Also read/watch | Viral! Musk's letter to managers, follow orders or resign

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