Elon Musk had a special message for those involved in Tesla’s Q2 earnings call last month, noting a global need for lithium
Musk encouraged entrepreneurs to take up lithium refining during Tesla’s second-quarter earnings call last month, amidst a burgeoning EV market and higher-than-ever battery demand, according to. The news comes amidst skyrocketing lithium prices, which comes from a bottleneck created by the few global companies able to create battery-grade lithium carbonate and hydroxide chemicals.
“I’d like to once again urge entrepreneurs to enter the lithium refining business. The mining is relatively easy, the refining is much harder,” said Musk on the earnings call. “You can’t lose, it’s a license to print money.” Tesla applied for a permit to start building a cathode facility for EV batteries earlier this year, and Musk has even talked about the automaker refining its own lithium if prices remain as high as they are. However, even if Tesla starts processing lithium by itself, it’s still likely to need a handful of other suppliers — especially until the global lithium refining industry grows.
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