Elon Musk urge entrepreneurs to produce more lithium as price and demand skyrocketed

Demand for lithium, cobalt, nickel key elements used in electric vehicle batteries is higher than ever in the humane history. The manufacturer’s of batteries for electric vehicle makers have struggled with shortages of key battery materials since 2020 .

 Over 4.2 million electric vehicles (were sold worldwide in the first half of 2022, up 63% on the first half of 2021. Tesla’s sales have grown some 55 percent year over year through July 2022

The global lithium and cobalt prices continue to rally in 2022 as demand for electric vehicles exceeds supply. The electric vehicle sales are expected to double in 2022.

Benchmark lithium prices are at about about $71,000 a metric ton  a metric ton in September 2022 .

The price in 2021 was $17,000 and in 2020: $6,800. The price is up over 1000 percent since 2020. Tesla CEO Elon Musk tweeted on Friday that his firm may get into the lithium mining.

Elon Musk announced that Tesla “might actually have to get into the mining and refining”. “Price price of lithium has gone to insane levels!” tweeted Musk.

For many years China has lead the world in investment’s and now near 80 per cent of the entire supply chain for electric vehicles and lithium-ion batteries, and therefore energy storage, is on their hands. “The U.S. and Europe has been extremely slow to forge a strategy to secure a supply chain of lithium and other rare earth minerals.

The world’s population is growing faster than at any time in history, and mineral consumption is growing faster than population as more consumers enter the market for minerals and as the global standard of living increases.

 Sahit Muja said ; “Albanian Minerals has forges new strategy to secure EV supply chain minerals. Albanian Minerals has been positioning itself to become key suppliers of green magnesium, and it’s now turning its focus to battery ingredient minerals including nickel, lithium and graphite.

The global conversion to EV, renewable green energy are central to the world’s clean energy future. The demand for essential minerals are changing as a new range of commodities are sought. Miners need to plan strategically for the new green future”.

Mr: Muja said that; “The new green transition presents a significant opportunity for Albanian Minerals as we have significant reserves of essential minerals including cobalt and nickel in are portfolio”.

“I would like once again to urge entrepreneurs to enter the lithium-refining business,” Tesla Chief Executive Elon Musk told analysts in July. “There’s lithium pretty much everywhere, but you have to refine the lithium into battery-grade lithium carbonate and lithium hydroxide, which has extremely high purity. So it is basically like minting money right now.” Elon Musk said.