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IPFS News Link • Precious Metals

According To Tesla CEO Elon Musk, This Metal Is The New Gold

• https://insideevs.com, By: EVANNEX

This article comes to us courtesy of EVANNEX, which makes and sells aftermarket Tesla accessories. The opinions expressed therein are not necessarily our own at InsideEVs, nor have we been paid by EVANNEX to publish these articles. We find the company's perspective as an aftermarket supplier of Tesla accessories interesting and are willing to share its content free of charge. Enjoy!

Posted on EVANNEX on August 24, 2020 by Charles Morris

In the popular imagination, lithium is the element that powers EVs. However, as Elon Musk has pointed out, the term "lithium-ion batteries" is something of a misnomer, because they don't really contain that much lithium. "Although [they're] called lithium-ion, the actual percentage of lithium in a lithium-ion cell is approximately 2%," Musk explained at Tesla's 2016 shareholder meeting. "Technically, our cells should be called nickel-graphite, because the primary constituent in the cell as a whole is nickel." 

More recently, Musk reiterated the importance of nickel, and made what sounded to some like an urgent plea for more of the stuff. "I'd just like to re-emphasise, any mining companies out there, please mine more nickel," said Musk during Tesla's latest quarterly conference call. "Wherever you are in the world, please mine more nickel and...go for efficiency, obviously environmentally-friendly nickel mining at high volume. Tesla will give you a giant contract for a long period of time, if you mine nickel efficiently and in an environmentally sensitive way."

However, meeting the expected surge in demand for element #28 may not be so easy, because of various supply-side issues. In a recent interview with Kitco News, Michael Beck, Managing Director at Regent Advisors, said he sees something of a "perfect storm" brewing in the nickel trade.


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