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Musk: “The price of lithium has risen to insane levels!” Tesla could be directly involved in the extraction and processing of lithium

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A great user of the social network Twitter to comment on news and share his ideas, Elon Musk presented a historical series of data on the price of lithium, which has exploded recently, and especially since the start of the war in Ukraine.

“The price of lithium has risen to insane levels! Tesla may have to get directly involved in the extraction and processing of lithium if prices do not fall,” Musk said, noting that the metal is “almost everywhere” in the world. .

He went on to say that Nevada’s largest known lithium reserves in the United States and that Tesla “has some new ideas for sustainable lithium mining and processing,” he said. many details.

Like other commodities, from wheat to nickel, lithium has risen in price since the Russian invasion of Ukraine, and in the last year its price has risen by 480%, according to Benchmark Mineral Intelligence, quoted by CNBC.

This is not the first time that Musk has shown interest in the idea of ​​exploiting this key metal for electric car batteries, although in recent years the company has focused on signing agreements with foreign manufacturers, writes EFE.

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The price of lithium had skyrocketed before the war began

The price of lithium rose by 477%, being a raw material in the production of electric cars, whose sales increased last year by 83% compared to 2020 and 168% compared to 2019.

The massive packages of monetary and fiscal incentives adopted by world governments since 2020 and later, in 2021, in the context of the pandemic, have helped sustain the fastest economic recovery after a severe recession. As a result, there has been a significant increase in the goods segment, especially in 2021, based on the recovery in demand.

Experts in the field, including those of the US investment bank Goldman Sachs, believe that the 2021 commodity boom could rival the latest “supercycle” – from the early 2000s – which fueled the emerging BRIC economies (Brazil, Russia, India and China).

The price of lithium rose by 477% last year, reaching $ 42,256 a tonne on December 31, 2021, as the transition from conventional to electric vehicles became a focal point of global electrification. In 2020, global sales of electric vehicles increased by 39% compared to 2019, to 3.1 million units, even though the world was in the middle of a major health crisis.

According to Bloomberg New Energy Finance, 2021 was “another record year for global electric vehicle sales,” with about 5.6 million units delivered, up 83% from 2020 and 168% from 2019. .

Given these developments, analysts are optimistic about the price dynamics of lithium – the raw material used in the manufacture of batteries for electric cars.

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