Beijing/Melbourne — Tesla boss Elon Musk has urged miners to produce more nickel, a key ingredient in the batteries that power the company’s electric cars, warning the cost of batteries remains a big hurdle to the company’s growth.
Musk’s call for greater nickel mining comes even as prices for battery materials wallow around rock bottom. These companies indirectly buy nickel from mining companies in a long auto supply chain. Tesla doesn’t disclose which nickel miners are in its supply chain. While electric vehicles consume a much smaller amount of nickel than traditional industries such as stainless-steel makers, EVs are expected to be the quickest growth market for nickel miners.
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