“It drives me nuts,” Mell said, about Musk’s braggadocio. “My wild ride is the comment: ‘they’re going to take cobalt out of batteries’. It’s ultimately self-defeating. You’re not there yet.”
Investors also shaved off 19.3 per cent of Tesla’s share price between Tuesday and Thursday morning, billions of dollars in market capitalization, as reports rolled in that Tesla would not come through on some of Musk’s biggest promises such as a cobalt-free battery or a million-mile battery. That change would require a near-total invention of the world’s auto industry from the metals that need to be mined, including cobalt, lithium, graphite and more nickel and copper, to the factories that need to be built, all of which will require hundreds of billions of dollars of investment. New markets will sprout in countries such as India and China, which Goldman Sachs predicts will account for 35 per cent of the overall auto market by 2025.
Core samples sit on trays for processing at the First Cobalt Corp. facility outside of Cobalt, Ontario.Similarly, the price of lithium has been on a consistent decline, with Morgan Stanley predicting the downward trend will continue until 2025 because of an oversupply. The lack of transparency in the market has made it challenging for North American companies to raise money on the capital markets to explore for critical metals, or refurbish refineries.Article content continued
Anthony Milewski, non-executive chairman of Giga, sold more than 3 million shares over two days, collecting more than $6.29 million, according toor SEDI. Records show he held on to at least 500,000 shares. Milewski declined to comment. In Canada, there are signs that both provincial and federal governments are interested in investing to help secure a piece of the electric vehicle market. In the throne speech on Wednesday, the Liberal government pledged to make zero-emission vehicles more affordable, and emphasized the importance of cutting CO2 emissions.
With the federal government pinning part of an economic recovery from the pandemic on investment into a green economy, upstream producers are starting to talk about the role of government policy and investment.
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