Tesla’s (TSLA) CEO Elon Musk is reportedly planning to or contemplating to begin mining for lithium as the price of the battery metal skyrockets. Lithium is an important component in electric vehicle batteries and so automakers are rushing for supplies, as a surge in demand is witnessed amid a global push for the electrification of transportation. In the last couple of years, Tesla has entered supply deals with producers of battery metals including one with mining giant Vale SA.
China is also reportedly struggling with its EV battery supply chain and it wants lithium prices to return to sustainable levels as soaring prices have increased cost inflation for manufacturers and may eventually hurt consumer demand.
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